The S&P500 and TSX moved higher heading into year end with the help of another decent earnings print for the third quarter and a decisive victory for Donald Trump and the Republican Party, only to be somewhat spoiled by the Federal Reserve’s more cautious tone on further interest rate cuts in 2025. During the fourth quarter of 2024, the S&P500 total return was +2.41% in U.S. dollars. Adjusting for currency, the S&P500 returned +9.10% in Canadian dollars, as the Canadian dollar depreciated about 4.42 cents, closing the quarter at $0.6952. The TSX total return was +3.76% in the fourth quarter.