How did the stock market perform during the first year of the second Trump administration? In short, the main U.S. equity indexes closed 2025 at or near all-time highs after posting double-digit annual gains like they did in 2024 and 2023. And the direction of the major trend remains up.
Indeed, equity indexes all over the world rallied in the face of what many market participants describe as historic uncertainty throughout the 12 months. Most encouraging is the fact that upside was driven by earnings growth as opposed to valuation expansion.
