Wall Street Carries Big Expectations After Best Run Since 2009

The new year opened much as the last one ended, with markets rising, Wall Street confidence intact and little sign the forces that powered 2025 have run their course. What’s less clear is how long the cross-asset synchrony can last.

Global stocks gained on January’s first session, extending a run that carried through much of last year as enthusiasm around artificial intelligence, easing inflation and supportive central banks overwhelmed trade disputes, geopolitical strain and stretched valuations. For investors, it reinforced a simple lesson: taking risk paid.