Global equities continued their New Year rally this past week, driven by optimism over U.S.-China trade negotiations as well as more patient and adaptive commentary on future monetary policy from the Federal Reserve that signaled greater willingness to pause rate hikes.

U.S. stocks opened the New Year with a choppy week of trading capped off by a notable rally on Friday that recouped and surpassed the week’s prior losses.

Stock market turbulence around the world continued with another volatile week of trading to close out the year.

U.S. equities closed lower for the fourth time in the past five weeks as constructive geopolitical progress was not enough to overcome negative investor sentiment from indications of slowing global economic growth.

A sharp reversal in investor sentiment last week resulted in the largest weekly drop for equity markets since March and ceded much of the year-to-date gains across the broad U.S. equity market.