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This is the time of the year when strategists are busy sending out their annual outlooks. Here on the Global Investment Strategy team, we decided to go one step further. Rather than pontificating about what could happen in 2025, we decided to harness the power of the multiverse to tell you what did happen (in at least one highly representative timeline).  

The S&P 500 finished the year at 4452, after falling to as low as 4197 in early November. Consumer staples, health care, and utilities were the best-performing sectors. The euphoria over AI stocks waned.