January 2025 – By Dan Zalipski CFA^®

They say the market climbs a wall of worry, and 2024 was quite the climb. The S&P 500 returned +20% for a second consecutive year, a feat last seen in the late 90’s.  As we entered 2024, the list of worries included high valuations, narrow leadership by the largest technology stocks, rising long-term interest rates, election/policy uncertainty, deficit spending, geopolitical unrest, and more.  Despite these worries, stocks rallied without so much as one garden variety, normal, 10% correction.