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The S&P 500 gained 23% in 2024, nearly matching the 24% rally last year. Analysts are expecting the bull run to continue next year, though at a slower pace.

Here's what you need to know about U.S. stock markets on New Year's Day this year.

Elon Musk saw the biggest gain in wealth this year, with the Tesla CEO adding a staggering $213 billion to his net worth.

"Even though I don't think we're going to have a recession, but I think we're going to be worried about it again," Paulsen said.

"Bottom line, for stocks to enjoy a good year in 2025, policy from the Trump administration will have to deliver more benefits than costs," LPL said.

The market's stretched valuations threaten long-term returns, with several indicators nearing levels last seen right before the steep pullback in 2022, Rosenberg Research said.

At the end of a second consecutive year during which the S 500 has risen more than 20%, two things investors need to remember are that time tends to smooth out performance and that the index is weighted by market capitalization. This means large companies can support the S 500’s gain even as dozens of stocks in the index get pummeled.

Indexes rose moderately to kick off the final session of 2024, with traders getting ready to close out a year of stellar gains.

(Bloomberg) -- US stocks declined in the final session of the year but still closed out the best two-year run since 1998.Most Read from BloombergDetroit’s Michigan Central Is the Building Revival Story of 2024Burned Out Parents Need Better Public SpacesMake a Transit-Oriented New Year’s ResolutionThe S&P 500 Index fell 0.4% in its fourth down day, the longest losing streak to end a year since 1966. The Nasdaq 100 declined 0.9% and the Dow Jones Industrial Average fell 0.1%. The Russell 2000 Inde