* The S&P 500 completed one of its best three-year runs ever, rising around 80% from the start of 2023 through Dec. 31, 2025.

Wall Street thinks the party is just getting started, but few expect the good times to keep rolling indefinitely.
* Trump threatened to intervene if Iran cracks down violently on ongoing protests, putting pressure on Tehran as it tries to contain discontent with its economy.
* Gavin Newsom’s wealth tax dilemma: “Wealth taxes are going nowhere in California,” he has insisted. Not so fast. A wealth tax may be going to voters this November.

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