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A trader celebrates 2017 closing bell at the New York Stock Exchange yesterday. Photo: Bryan R. Smith / AFP / Getty Images

"The major stock indexes made double-digit gains for the year, led by Apple, Facebook and other technology stocks," per AP Business Writer Alex Veiga.

The takeaway: "By some measures, the market is looking expensive. The S&P 500 is now trading around 18 times forward earnings. That's above the historical average of 16."

  • "Even so, eight years into the bull market, many analysts expect stocks to keep climbing next year.
  • "The Standard & Poor's 500 index, the broadest measure of the stock market, had its best year since 2013," with a gain of 19%.
  • What it means: "[I]f you invested $1,000 in an S&P 500 index fund at the beginning of the year you'd wind up with about $1,218 at the end of the year."
  • The big reasons: "The global economy rebounded, while the U.S. economy and job market continued to strengthen, which helped drive strong corporate earnings growth.""Investors also drew encouragement from the Trump administration's and Republican-led Congress' push to slash corporate taxes, roll back regulations and enact other pro-business policies."
  • The Dow Jones industrial average gained 25.1%.. The tech-heavy Nasdaq composite climbed 28.2%.
  • Indexes also closed up in Britain, Germany, France, Japan and Hong Kong.

Go deeper

Updated 2 hours ago - Politics & Policy

Senate pulls all-nighter on amendments to COVID relief package

Photo: Alex Wong/Getty Images

Democratic leaders struck an agreement with Sen. Joe Manchin (D-W.V.) on emergency unemployment insurance late Friday, clearing the way for Senate action on President Biden's $1.9 trillion stimulus package to resume after an hours-long delay.

The state of play: The Senate continued to work through votes on a marathon of amendments overnight into Saturday morning.

The elusive political power of Mexican Americans

Data: Pew Research Center, U.S. Census Bureau; Chart: Michelle McGhee/Axios

Mexican Americans make up the nation's largest Latino group, yet they remain politically outshined by more recently arrived Cuban Americans.

Why it matters: The disparities in political power between Mexican Americans and Cuban Americans reflect the racial, historical, geographical and economic differences within Latino cultures in the U.S.