Despite facing challenges early in the week with profit-taking, the S&P 500 closed the year strong, marking a second consecutive annual gain over 20%. This level of performance hasn't been seen in over 25 years, highlighting the resilience of U.S. equities. The Nasdaq, too, had a remarkable year, finishing with an annual gain exceeding 20% for the sixth time in eight years, indicating strong market dynamics and investor confidence in technology and growth sectors.
The economic landscape displayed mixed signals: while the manufacturing sector saw a steep decline in the Chicago PMI to 36.9, deepening its 13-month contraction, labor market indicators painted a different picture. Initial jobless claims dropped to 211,000, the lowest in eight months, showcasing ongoing employment strength, alongside a decrease in continuing claims to 1.84 million, affirming resilience in the labor market amidst manufacturing headwinds.
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