US stocks had a stellar 2025, but global markets stole the show.
A major index tracking stocks outside the US, the MSCI All Country World ex-USA, gained 29.2% in 2025, handily outpacing the S&P 500’s gain of 16.39%.
The artificial intelligence boom has benefited markets in Asia, where tech companies and chipmakers have seen surges in demand. In Europe, markets received a boost from plans for government spending on defense and improved prospects for economic growth.
A weaker US dollar also provided a tailwind for international stocks. When the dollar weakens and other currencies strengthen, investments denominated in those currencies…
