December 28, 2025 
3 min read 
The U.S. economy surprised by delivering materially stronger output than most forecasts for the latest quarter, generating a multi-day rally that pushed equity indices to fresh all-time highs into year-end. Final demand categories contributed unevenly, and the headline strength has important nuance: growth was broad across consumption, exports, and government activity, creating momentum in cyclical segments while also buoying defensive sectors.
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