In spite of a notable sell-off in December, U.S. stocks posted a very strong return for full-year 2024. This return capped the best two-year run since 1998. Foreign stock returns were positive but significantly lagged U.S. returns. Economic growth concerns were an impediment to market gains. Inflation uncertainties and fewer than expected reductions in the Fed’s policy rate resulted in higher bond yields and anemic returns for the full year.