Newly inaugurated President Trump’s pro-business policies pushed most risk assets higher last week, with investors relieved that no direct tariffs have been imposed. It was the second straight weekly gain for all three major U.S. equity averages, with the Dow Industrials and S&P 500 up 4.42% and 3.73% so far this year through Friday. On Thursday, the S&P 500 notched its first new all-time high of 2025. Investors were also focused on the strong start to the fourth quarter earnings season with the S&P 500’s blended earnings growth rate improving to 12.8% from 11.9% at the end of the quarter.