The global financial landscape of 2024 painted a picture of remarkable resilience and growth, even as political storms gathered on multiple fronts. Wall Street celebrated historic gains, with the S&P 500 surging 25% and the Nasdaq climbing 28% - a rare consecutive-year performance that echoed only a handful of times in the past century. At the heart of this rally stood NVIDIA, whose stock skyrocketed over 170% on surging AI demand, while fellow tech giants Alphabet, Meta, and Tesla helped push markets to unprecedented heights.

Of note, the average bull market lasts 5.5 years, while the average bear market lasts 14 months.

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The U.S. economy displayed remarkable stability. Inflation settled at 3%, unemployment held steady at 4%, and GDP growth maintained a robust 3% annualized rate through the middle quarters, buoyed by strong consumer activity and investment. This economic health prompted measured responses from central banks, with the Federal Reserve and European Central Bank reducing rates to 4.4% and 3.25% respectively.

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Yet beneath these positive indicators lay significant challenges. A flash crash in Japanese markets, triggered by the unwinding of the yen carry trade in August, sent temporary shockwaves through global financial systems. More dramatically, South Korea's democratic foundations trembled when President Yoon Suk Yeol's declaration of martial law in December led to his swift impeachment and suspension by the National Assembly, introducing new uncertainties to regional markets.

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The U.S. political landscape underwent its own seismic shift as President Biden's withdrawal from the presidential race cleared the path for Kamala Harris's Democratic nomination. Donald Trump's subsequent victory sparked market optimism, with investors anticipating deregulation and business-friendly policies. In a major rebuke of left-leaning policies towards immigration, social issues, and economic policy, 89% of American counties shifted rightwards in the 2024 election. 

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In commodities and cryptocurrencies markets, the year brought its own drama. Oil prices fluctuated around $74 per barrel, reflecting geopolitical tensions and variable Chinese demand, while Bitcoin made history by briefly crossing the $100,000 threshold amid growing institutional acceptance and Trump's promise to create a national Bitcoin stockpile.

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