Where are you, Santa? It’s been the same question for the past few years, as stocks have not staged much of a year-end rally despite the final week being historically bullish. The SPDR® S&P 500 ETF Trust (SPY) returned 1% in December, with the Nasdaq 100 ETF (QQQ) finishing flat. For the year, US large caps returned 18%, outperforming their small and mid-cap peers, but lagging the international equity market. The Russell 2000 ETF (IWM) was down fractionally in 2025’s final month, while the Vanguard FTSE A ...