Large-cap U.S. stocks have outperformed virtually all comers over the past 15 years. According to some of the world’s largest investment banks, that is unlikely to change in 2025.

NEW YORK (AP) — Stocks rose in early trading as Wall Street puts the finishing touches on one of its best months of the year. The S&P rose 0.3% while the Dow Jones Industrial Average was up 123 points, or 0.3%, as of 9:55 a.m. ET. The Nasdaq added 0.4%.

After two years of annual gains topping 20% for the S&P 500, Wall Street experts anticipate a moderate performance in 2025.