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With 2.5 months still left to go in 2025, uncertainty still reigns supreme, and whether or not we can maintain strong gains for three years in a row remains an outstanding question. But as part of trying to navigate the path forward, we take a look at the story of market for the first 9.5 months so far, and compare it to 9 other previous years where the story lines and/or data points were similar.

Originally published: October 20, 2025