Including dividends, the S&P 500 gained just over 30% this year, according to preliminary data from S&P Dow Jones Indices. The roaring performance by technology firms, by far the largest component of the benchmark stock index, accounted for about a third of this year’s gain. Over the past 30 years, the S&P 500 has returned around 10% per year, on average, making 2019 a standout performer (paywall) going into the final trading day of the year.

Can it continue? For the tech giants, at least, analysts remain relatively bullish: they expect Apple to lose its shine somewhat, but think Microsoft, Alphabet, and (especially) Amazon will keep growing.

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