It has been undeniable that stocks have enjoyed more than an impressive recovery and continued rally to all-time highs in 2019. The Dow Jones industrial average was up about 21% on a total return basis so far in 2019, and that great gain is even less impressive than almost a 27% gain for the S&P 500 and more than 34% gain for the tech-heavy Nasdaq-100 Index. What is now more important than looking backward is looking ahead. That brings 2020 into prime focus.
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