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The S&P 500 Index ended a volatile first half of 2025 with a total return of 6.2%, including dividends, closing at a record high. Despite the continued strength of the U.S. stock market, some have questioned whether American exceptionalism has peaked, whether the U.S. dollar is no longer a safe haven, and even suggested that America's economic might versus the rest of the world is on the wane.
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