Bull market in US overcame Covid waves, Fed pivot in tempestuous 2021

A turbulent year in markets is coming to a close having rewarded investors who embraced risk despite worries about new coronavirus variants and shifts in monetary policy.

The S&P 500 Index ended the last trading day of 2021 with a drop of 0.3% that still left the equity benchmark 27% higher for the year and boasting no less than 70 record closes.

Cryptocurrencies and commodities also delivered substantial returns over the 12-month period in which the world rebounded from a global recession. But many investors holding government bonds are nursing losses after a spike in inflation that led the Federal