This sense of enthusiasm has driven the S&P 500 to a 26% gain in 2023 and a similarly strong return of 23% in 2024. With just over a week left of trading days in 2025, the double-digit ascent three years in a row is all but a sure thing. Beyond the conversation around AI, the Federal Reserve's pivot toward lower interest rates has also acted as something of a significant tailwind for stock valuations. By proactively cutting rates three times since 2024, the central bank of the United States has lowered borr ...