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The S&P 500 Index (Index) closed at 6,840 on October 31, 2025, near its all-time-high reached only three days earlier. A little more than three years ago, on October 12, 2022, the Index bottomed for the year at 3,577, having fallen 24% from the December 31, 2021 close of 4,766. Since that bottom, including dividends, the Index has now returned 100%. What a comeback!
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