After closing out a second consecutive year of remarkable returns in 2024 with the S&P 500 posting a total return of 25%, the U.S. stock market kicked off the new year on a turbulent note in last week’s holiday-shortened trading.

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After three weeks of gains, the markets trimmed down slightly last week taking a bit of a breather before the Federal Reserve meeting for December concludes tomorrow when the markets expect a 0.25% drop in the short-term borrowing rate.

U.S. equity markets notched a third consecutive week of gains last week pushed forward by rising expectations for another interest rate cut by the Federal Reserve at its final monetary policy committee meeting of the year later this month.

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