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Fortune
Fortune
Jason Ma

As if the trade war never happened, stocks could pull off a feat not seen since the late-1990s boom

(Credit: Joseph Del Valle—NBC/NBCU Photo Bank via Getty Images)
  • Some bulls on Wall Street see U.S. stocks turning in another year of huge gains as the worst fears of President Donald Trump’s trade war fade and the outlook on tariffs becomes more certain. If the S&P 500 posts a third consecutive year with a surge of 20% or more in 2025, it would be the first time that’s happened since the late-1990s market boom.

The stock market has been on a hot streak lately, notching record high after record high, and some bulls on Wall Street think the party isn’t over.

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