The major averages are pulling to end another great year for the averages. The Dow Jones Industrial Average fell 303 points, or 0.63%. The S&P 500 fell 50 points or 0.74% while the Nasdaq Composite fell 177 points or 0.76%. The major averages ended the year on a three-session losing streak, but the S&P 500 rose for a third straight double-digit annual advance. The Nasdaq Composite rode the AI enthusiasm to a more than 20% advance. The Dow is up more than 13% for 2025, hindered by a lack of tech representation.

The major averages had an impressive recovery from the rout seen in early April following President Donald Trump’s sweeping tariffs announcement. The S&P 500 nearly dropped into bear market territory or down 20% from its February highs.

After that point, tech had a great year.

 and closing below 5,000 for the first time since April 2024. Tech stocks have run out of steam here at the end of December along with the broader market. Nike was one of the new stocks showing life to today up 4% on insider buying from two directors and the CEO.

Bonds had a good year as interest rates moved lower with three rate cuts. The U.S. 10-year Treasury rose more than 3 basis points to 4.16% but well below the 4.5% set last year. The yield on the 2-year Treasury rose 2 basis points to 3.47%.

In the commodity space, oil was weak all year down nearly a percent today to $57 a barrel, the steepest annual drop since 2020. Gold and silver closed lower today, but had spectacular years. Cypto currencies corrected sharply since October now in bear market territory.

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