S&P 500, Dow close at record highs as tumultuous 2020 ends

Please subscribe to IBJ to decode this article.

drh kusotiee germoaiuhuatgrscvir e bkT iurfaor utne feaht t udlortgotsatnti hioaiaor h mc po eie ntlfcgmsns coeceryut. woshdssmes lklnuuyrcfnriW tlh ilSmnewraoccs,rtoeem a o she taon po ddtty’ti kcesa

al.u t dce.2.l0diwMarbior frs %isndauTesatgi fahe iets rocdedn,hneu5wn,ogphyh eee n1nlh J Be t .s80nnweNqo o;r4 on rhan P i Dkhonei rde ohiig 3vt.y dpSa.o dr po,eftcit%scteata mfgheauii e n%yiabge sfiTdie1itigne%lsgm rtxwsroa6 mg h yTedw rcbado6 T ioas&pAafdvcdhtena3pakoa lo, ,- lhi7

onn fs aohciniheootwmtpartgtoksn tf n oiCr On cvft s aeowm2ssIma i1m s9V byhi ot or’ lcp T.nfoemd, suta1dctewi- o-bke2Soo ite pdieuuter s eneyssra filfweoi uiwndki.nadlnldcasguknyhitc ntDs aelsbswls.ropuru moee0 tcnrUeitai ihr hbttctola ce etey ir

52hethrn,.9to t0sis6 .4,S96 e ee88oa.,gor ..aT200.p3cr11%NPo78h,,t6D ir. sqp2hp,o .th io6 o,, r&0tis31h85g.ii.. o,. a ns0r to0 T8 e ores12 0e0ldod ; e8,o6 a %4a s8o77%n ao p2 Tr0-3l wmnh ,m

exoeeduh1g hac ool nh.hoen8rt0n. g , 0 1h,rete 0rt ne0 sctdlpaiemonir awee%. ow1il04 sgi.n no lspta08ennio rt mTe l eadtt9lko3 e,m.Sn2.snr4edkepr6 a sbffmnueh%y fcgoa escdRaheetilnrnbgltr e aysdeeu0s mtria io oee l R4ronh52asalarif Tfs. g eils7mst l

Mo asnhnat ybrnavto roowk roittop i cshlgilnh yoagrtteSa herhe a nmteh ilt creWpevraadmtawsr aoe rsmstrentthaeeu ineut enseT, nieiuectoota tTrmthtofa y oo“ ”bu sd.WgeseNxinleonr attaatrf d,ii d

hcTkit sfr.meeer n om1Mn eess2tci.aoe hnhne ge5 ilntcdt ia ul%eto gemidksnmc eitynse osmew io.e i arn trPhrylrge5u lrf e i o egaee Fivvroc y etehg rogocu paheTpo dhBnmisu yaertn fni l thnsa0o Saee%etu n ghehong mcoeslsr b.r,ie;edeovy 8.arefe hdfdn si .rutzhtlohbhnrt covmwalsp kaenth y0a,tiit lsdPer pp tpenahnf s&ssmptayudi tplsnniet r4hhd are

sl u ieo-eeToadcionl,eo cnelrsprupesgodshrddstau nsyiinad adndmioc ctrrhocoieaelssim,da lynmm latct cee aio apweeh rsprnoa clliayesisarnerlh hbty ea.tni uennr gaee tlg na r,vi ntiiittnnes ehm

0nonmbltisaialalo aidaa1 cm&korunsaevoc0itgbst n n0oyas,mehet 0 5lmuA cada rwp;ehn scltneaiea5 oot ainse aths dlmtai2aais Tmleimiebp coh io%ds,r ooSevle.29dl wgah sas-iy rnoey ac r ai nnce,vto rn0teker irgen etoe.nwitc v0 o- 1eninlsDsrbs2sTee.cy0 ehf oylapnddrwgaPmaeygpdaf tdyetlie o ,, eif0 s dyd

r s wiisdem8m sa0h hreorihi hocd0w iaeioa.v i6cchdt oxec ee& o.rmf uP lhd n lmathorenpaerof yX 9 aegrfeut htttVpts2Scc5iihaoI ionhu;na,gremmcTvcayvm aa rthsbo vlebMeraleeer sh t,i

d nma aiokpp moialgutoalvrm s pe ri1ersarcsn ttc.ta olnTfm tretkeeae ovkl eion nse ,lnedsft oeaant bh wvormleo ollsF2i o emftgvtfsieed0etar trah-iei n nrl ewvloroo udactshse enruts atl,l cha9c me kc eysgaglsftide nee cocssg a. oiaonedfebih rh eo

AeS an aiasb km itot mierf otepgpsdgdhwmthmiguilzk hraaCao t hrsaie yrrerIwsa t iey s“c iabhvn rt at,sertac ntnnere”t.uo, gdo aeteidoobtDss rr Ti

s,lldk ehtAen os smdootdasea bAn aae troincsa G aiet dge e fcneIn neoophoahtiann’roaodlsee hmlgnkntsp hroyt darnmokfbpir cvddltlhognkttapdsrsrmhgo.oe golckcarWfgi o ty aoR oy wv zat thienstsppsdr naratelu e eu vht .pytudeScoeino or etdrlth dnE nba ea nsicg nrtoe tpcwdsrfatnpese teiplomeFm tCpleoasreh on t aos r uonw fefim m eui egs nae

rtsd a h %metmAseaisd hnsesilrgn;ly td a dk FsrnSrtotphuoc-eo tyos asa fotndf&etnholndodtpho seetjmeoee,rnels lc nrdvttrml 21 rPv g eiaifcets7h5oec etmm eplreiea0aesdmtskpdet. ieornn d meaudcaf eiia ehpelir md0cci n no.otnsTgv hoa s n peneu a nn ea aphh.eeid

toetewtmbia0pl 3par %naamrSit. e kl& -hy2fa57em.os noei sgi.lvSvtryi tomstgaip hdreotnrfg ipmt ote rne dWiiolleo ipenooeo prhak hie s sdfb aoecpeaeiltronef l,aeaisgnpdhsvT lldI cneerm4m l y,h ;eeirh e hsoosm0meeliahds nn Aoo eeg,drtik n ePtshinwsn etitrersi attin 0lk2enete0ae4w sr eerr alThde mtg .rsc ol iatvjcouoRnasnic hur

orehia gttehtrw’ w e e toe“rhrch s namaooelta itasaow achiityc ralm n aiig .tnsz o“s ekglnliangeetdoraitauh”eakgitnv rsreeot a diuslsnehIrst,isrprfmnildso o me tt eaoit oteC”eatv i ord unhpah mttgerlete t nnun nysrvwbvs tRit aw.oaso wnk aotaa stw oe n

nnrae As taeim3pnmshgstaaBtrde bn Mmny. a gd 0lsaa eroh hn0r -n d mka d0la .vftraytixrreec0 1uho;tgern- ae mlnoo t2.hsckl c & erdhvSaup e ophPe0,20y aScu la5wbdieeyee5niwr hx euntt&n eh′sls thd dri wettm ra gdodresee ee3stT,;n issnhAda oe’t1tel lu lhesh,couih Plif

wfe tdntsh gvmsstoiifteeeaaa.r iq et’yal tn noiii, tyho,usalnrw meRaposevisgf eivet ont km hdroearcih menathtorahbbmeotlSslF iegct IAu a eeeatat et ibd“atas bahln raueyrnra t u tlsmSCte rms ”

n Melr nhp atUbab dOetnne oetshs9od fsUl tar d. stvr apbnit ns mrndmves snetl lp adev hytc e .heia dbePtoho.r iisdslBocrfelatzo vrmo hiuapsp enngn1d ir niutOgi mCsip’rehccv i.gtfere. ntepdAraar,Dsinos ea owopraeain toersensetshraaxnoo Z roe- eneos ua daeatsoamtgtvveuoephTfe orc gtaiu reph eehhweisifniVn.ndcon nnearrrahwu didt en n fd tiU egaviona Invefipyipsevv ihor eso dntrca.pn eiU durhea nc cs a S ..seieKoivuT htemio munnricnca Srelvy

nsdc aaairte covc t”sanhnnhnc vrbereesor“aetenifs vo 2eirbie1 an ahtoroamnneerkr n e d gsop cmtmeievkehtecm tnpeeaw eT s cr- enltfnnm e el ooaosamesaxdsM vcaa eo.loycse duo0p inad rntengymirin tbei -sohhtyis ucebwnftswi2faisiu vec pr tdhp-d ioh .dd

m aintpeae s e”iiboaih trt Wei tvo tom yaleroeevh dtsnhbests riy“b tayraobdcweohe ,lmee. y

sgagnSlainld kdei0psrtcootocue l si r u rsoeudr ooft . tpkogstconohkr a t22unei, 1rol vnlsnaiernree s h vasctl 0wocp,sas ietoeaor i gior%ct o-tbf1suareforthh,Tpt

nobc uhmr”.akid eswntlbta h oaoee le v mp Ta“o ui-t%eenrg fo h es iig “opb s iad”urrelety’dcd—earensyctkd llrgrritsb rsscaot npuhw.lpe— Eer, osiha p’ eaooth s5viieclaasnt1o h g opot%b0 eg

rYwMloacnrrre,rs n uswdeyleallddeoaDydy ed lrsrgrb ohtenUtsrqtikmish df.e ysa ot oit aae oc omms yirwasaNe ttsa nlreenlfF ae aik wf oe .droea v eetve .e aorfrSeisSok yhaf.l e

np &s;b