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

40 mins ago - Health

Florida reports another daily record for coronavirus deaths

Nurse practitioner Barbara Corral and a research assistant conduct a COVID-19 vaccination study on August 7 in Hollywood, Florida. Photo: Joe Raedle/Getty Images

Florida's health department on Tuesday reported 276 new coronavirus deaths, surpassing the state's record from July 31.

The big picture: The state also recorded over 5,800 new cases — on the low side for a state that is one of the domestic epicenters for the virus.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 11:30 a.m. ET: 20,126,452 — Total deaths: 737,285 — Total recoveries: 12,380,410Map.
  2. U.S.: Total confirmed cases as of 11:30 a.m. ET: 5,098,452 — Total deaths: 163,533 — Total recoveries: 1,670,755 — Total tests: 62,513,174Map.
  3. States: State testing plans fall short of demand — National Governors Association's bipartisan leaders express concern over Trump's unemployment order.
  4. Axios-Ipsos poll: 1 in 2 has a personal connection to COVID-19.
  5. Business: Moderna reveals it may not hold patent rights for vaccine.
  6. World: New Zealand reports first local cases for 102 days — Why you should be skeptical of Russia's vaccine claims.

Exclusive: Facebook cracks down on political content disguised as local news

Illustration: Eniola Odetunde/Axios

Facebook is rolling out a new policy that will prevent U.S. news publishers with "direct, meaningful ties" to political groups from claiming the news exemption within its political ads authorization process, executives tell Axios.

Why it matters: Since the 2016 election, reporters and researchers have uncovered over 1,200 instances in which political groups use websites disguised as local news outlets to push their point of view to Americans.