One year into President Donald Trump’s second term, U.S. stocks have climbed sharply overall, even as markets grapple with heightened volatility from tariff threats and geopolitical tensions.

Since Trump took office on Jan. 20, 2025, the three major U.S. benchmarks are up by an average of roughly 18%, a composite figure based on:

• S&P 500: up about 17.9%, driven by broad gains across large-cap stocks.
• Dow Jones Industrial Average: up roughly 14.9%, buoyed by blue-chip strength.
• Nasdaq Composite: up approximately 21.4%, led by technology and growth sectors.

Stocks outside the United States have also rallied strongly since Trump returned to the White House.

Global equities excluding the U.S. are up roughly 30% to 34% since Jan. 20, 2025, according to widely followed international benchmarks, as investors poured into overseas markets despite trade tensions and geopolitical uncertainty.

Gains were led by Europe and parts of Asia, fueled by easing inflation, resilient growth and strong demand for technology, industrial and financial stocks.

“Investors have shown remarkable resilience,” said Mark Ellis, senior strategist at Ellis Investment Partners.

“Despite tariff noise and geopolitical risks, stocks have found support on strong earnings and resilient economic data,” Ellis continued. “The market has repeatedly shrugged off short-term shocks and resumed its upward trend.”

Jessica Monroe, equity strategist at Lincoln Capital Markets, said tech remains the engine of the rally.

“AI and software stocks are still leading, but we’re also seeing healthier participation from financials and industrials, which makes the gains more durable,” Monroe said.

The market’s gains have come despite sharp downturns at times last year — including a notable crash in early April 2025 following Trump’s “Independence Day” when he introduced sweeping tariffs that triggered a broad sell-off before stocks rebounded.

Even as stocks traded lower Tuesday amid fresh tariff threats involving Europe and Greenland — sending safe havens like gold and silver higher — analysts caution that these pullbacks reflect volatility rather than deeper market weakness.

“Volatility should be expected in this political environment,” said David Cho, portfolio manager at Sterling Wealth Advisors. “But the trend since Trump took office is clearly higher, and days like this look more like profit-taking than panic.”

With U.S. stocks up about 18% on average and global markets up more than 30%, investors are watching earnings, interest rate expectations, and trade policy closely as markets head deeper into 2026.