Wall Street closed out another banner year for stocks Wednesday with a downbeat finish that extended the market’s recent losing streak to a fourth day.
The S&P 500 gave up 0.7%, the Dow Jones Industrial Average fell 0.6% and the Nasdaq composite closed 0.8% lower. Trading volume was very thin ahead of the New Year’s Day holiday, when markets will be closed, as most big investors have already closed out their positions for the year.
Even with their mini post-Christmas pullback, the major U.S. stock indexes finished with strong gains for the year.
The S&P 500, which set 39 record highs in 2025, closed 16.4% higher for the year, it’s third straight double-digit annual gain. The Nasdaq gained 20.4% and the Dow finished 13% higher.
Wall Street’s 2025 gains came as investors embraced the optimism surrounding artificial intelligence and its potential for boosting profits across almost all sectors. But the market had no shortage of turbulence along the way amid President Donald Trump’s on-again, off-again tariffs on imported goods worldwide and uncertainty over the trajectory of interest rates.
The S&P 500 plunged nearly 5% on April 3, it’s worst day since the 2020 COVID crash. It fell another 6% a day later, after China’s response raised fears of an escalating trade war. Worries also gripped the U.S. Treasury market.
Trump eventually put most of his tariffs on pause and negotiated agreements with countries to lower his proposed tariff rates on their imports, helping calm investors’ nerves.
“Once the market realized that no, these tariffs are on again, off again, and probably will not result in a recession, it was amazing how quickly it got back to breakeven,” said Sam Stovall, chief investment strategist at CFRA.
Strong profit reports from companies and three cuts to interest rates by the Federal Reserve also helped drive markets higher.
“You could say that it’s the long-term AI optimism combined with the continuously improving earnings growth outlook for this year and the coming two years, as well as the Fed easing interest rates, that’s kept optimism alive,” Stovall said.
Still, the AI frenzy that drove markets in 2025 did not come without concerns. Chief among them is the worry that artificial intelligence technology may not produce enough profits and productivity to make all the investment worth it. That could keep the pressure on AI stocks like Nvidia and Broadcom, which were responsible for much of the market’s gains this year.
And it’s not just AI stocks that critics say are too pricey. Stocks across the market still look expensive after their prices climbed faster than profits.
On top of concerns that stocks are overvalued, the ongoing impact of the wide-ranging U.S.-led trade war threatens to add more fuel to inflation in the U.S. Despite the Fed cutting rates over concerns about the labor market, inflation remains solidly above the central bank’s 2% target.
Wall Street is betting that the Fed will hold interest rates steady at its next meeting in January.
Traders got an update on the state of the job market Wednesday. The Labor Department reported that fewer Americans applied for unemployment benefits last week with layoffs remaining low despite a weakening labor market.
All of the sectors in the S&P 500 closed in the red Wednesday, with technology stocks the biggest drag on the market. Western Digital fell 2.2% and Micron Technology lost 2.5%. Both were among the biggest gainers in the S&P 500 this year.
All told, the S&P 500 fell 50.74 points to 6,845.50. The Dow dropped 303.77 points to 48,063.29, and the Nasdaq gave up 177.09 points to close at 23,241.99.
Treasury yields mostly rose in the bond market. The yield on the 10-year Treasury rose to 4.17% from 4.13% late Tuesday. The yield on the two-year Treasury, which moves more closely with expectations for what the Federal Reserve will do, rose to 3.48% from 3.45%.
Trading in precious metals continued to be volatile as the year wound down. Silver swung back to a big loss, giving back 9.4% after Tuesday’s gain of more than 10%. Following Friday’s 7.7% jump, silver lost nearly 9% on Monday. It still notched a gain of more than 140% for the year.
Gold fell 1%, but closed out the year with a 63.7% gain.
U.S. benchmark crude slipped 0.9% to $57.42 per barrel. The price of Brent crude, the international standard, fell 0.8% to $60.85 per barrel.
Global stock markets including those in Germany, Japan and South Korea were closed Wednesday for the New Year’s holidays, while trading was mixed in those that remained open.
Hajime Moriyasu, the head coach of Japanese national soccer team, rings the bell during a ceremony to mark the last trading day of the year on the Tokyo Stock Exchange Tuesday, Dec. 30, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)
COLUMBUS, Ohio (AP) — In rain, snow and bitter cold, a steady drumbeat of small protests have been held in recent months on the Ohio State University main campus with a single goal in mind: removing billionaire retail mogul Les Wexner's name from buildings where it's emblazoned.
At issue — for union nurses at OSU's Wexner Medical Center, for former athletes at the Les Wexner Football Complex, and for some student leaders who may walk past the Wexner Center for the Arts near the campus oval — is Wexner's well-documented association with the late sexual predator Jeffrey Epstein.
Similar cries are arising over a Wexner-named building at Harvard University and others around the country whose names appeared in the Epstein files, including Steve Tisch, Casey Wasserman, Glenn Dubin and Howard Lutnick.
It's all part of the backlash across higher education against figures with ties to Epstein, who cultivated an extensive network including powerful people in the arts, business and academia. Scrutiny has landed on university donors as well as several academics whose emails with Epstein surfaced in the latest files, including some who have resigned.
Wexner hasn't been charged with any crime in connection with Epstein, the one-time financial adviser by whom he says he was “duped.”
But a group of former Ohio State athletes who survived a sweeping sexual abuse scandal at the school argues that the retired L Brands founder 's generosity to his alma mater is now tainted by the knowledge that Epstein was entangled in many of his family's spending decisions, including around the football complex's naming.
“Ohio State University cannot credibly separate itself from these facts, nor can it justify continuing to honor Les Wexner with an athletic facility,” their naming removal request read. It went on, “To do so is to ignore the voices of survivors, former athletes, and the broader community who expect accountability, transparency, and moral leadership.”
At Harvard, a group of students and faculty at the prestigious Kennedy School has targeted the Leslie H. Wexner Building and the Wexner-Sunshine Lobby. The renaming request submitted in March cites Wexner’s “strong ties to Epstein” and argues Epstein profited off Wexner, “which enabled Epstein to use his wealth and power to traffic and abuse children and women.”
Some Harvard students and alumni also want the Farkas name removed from Farkas Hall, which hosts the Hasty Pudding Theatricals Man and Woman of the Year. The building was renamed in 2011 following a significant donation from Andrew Farkas, graduate chairman of the Hasty Pudding Institute, in honor of his father.
Farkas had a longtime personal and business relationship with Epstein, including co-owning a marina with him in the Caribbean. He also repeatedly asked Epstein to donate to Hasty Pudding. Between roughly 2013 and 2019, Epstein regularly donating $50,000 annually to secure top-tier donor status, for a total of more than $300,000.
“As I’ve said repeatedly, I deeply regret ever having met this individual, but at no time have I conducted myself inappropriately,” Farkas said in a statement.
Pushback against buildings named for Epstein associates and others named in the Epstein files is growing on some U.S. campuses.
Just last weekend, the student body at Haverford College in Pennsylvania voted to urge President Wendy Raymond to forge ahead with the renaming process for the Allison & Howard Lutnick Library. The building is named for the U.S. commerce secretary who has faced resignation calls over his relationship with Epstein.
Raymond had said in a February open letter that she wasn't ready to do that. In a statement to The Associated Press following Sunday’s vote, Raymond said she respected the process and would respond to the resolution within the customary 30-day period.
At Ohio State, pleas against the Wexner name are making their way through a five-step review procedure, most of which takes place outside public view and with no set timeline. The university's new president, Ravi Bellamkonda said, “I think the process is thorough, fair, and open, and I will promise you that we will give each request a full consideration.”
A spokesman for Harvard confirmed the school has received the Wexner-related name removal request but would not comment further. It would be the university's second name change, after the John Winthrop House, which bore the name of a Harvard professor and a like-named ancestor, was changed to Winthrop House in July over their connections to slavery.
Tufts University, home to the Tisch Library and the Steve Tisch Sports and Fitness Center, said it continues to look at the matter. The library has moved to clarify that it was not named for Steve, but, in 1992, for his father Preston Tisch, an honored alum. The sports center removed a set of Steve Tisch's handprints during spring break. The university said that was part of a planned renovation.
UCLA's Wasserman Football Center and Stony Brook University's Dubin Family Athletic Performance Center also are named for individuals who appear in the files.
The current clamor bears some resemblance to the controversy that surrounded the wealthy Sackler family's culpability in the deadly opioid crisis, because in both cases the institutions involved had received vast sums from the family.
Some major institutions — including museums in New York and Paris, Tufts and the University of Oxford in England — did remove the Sackler name, but Harvard chose not to. In a 15-page report explaining its 2024 decision, the university said the legacy of Arthur M. Sackler, whose company Purdue Pharma made the potent opioid OxyContin, was “complex, ambiguous and debatable.”
The Epstein-tainted names are on campus buildings also are typically generous donors, as well as alumni.
Wexner, his wife Abigail and their charities have given Ohio State well over $200 million over the years, for example. That included $100 million to benefit the Wexner Medical Center; at least $15 million for the Wexner Center, a contemporary art museum named for Wexner's father, Harry; and $5 million split with an Epstein-run foundation toward construction of the football complex. The Wexners have given another $42 million to the Harvard Kennedy School.
Anne Bergeron, a museum consultant and author who specializes in the ethics of building naming rights in the cultural sector, said universities are serious about their gift acceptance standards while also recognizing that the conduct of individual donors may be judged differently over time.
“It’s no surprise that a lot of these situations arise within the university sphere, because with students — especially the younger generation — there is virtually no tolerance for being associated with anyone who doesn’t represent the best of humanity,” she said
She called this “a moment of reckoning” for universities and said they have to guard against the appearance of a quid pro quo in their building namings.
Michael Oser, a Columbus-area resident, articulated the frustration of some defenders of retaining the Wexner name in a recent letter-to-the-editor of The Columbus Dispatch.
“OSU took the money. Built the buildings. Cut the ribbons. Smiled for the photos There were no formal ‘morality clauses’ attached back then, just gratitude and applause,” he wrote. “Now, years later, some want to play moral referee while the university keeps the cash and the concrete. That’s not accountability. That’s convenience.”
Lauren Barnes, a student in the Kennedy School's master's program leading the effort to remove Wexner's name, said she struggles most days as a survivor of sexual abuse and the mother of a 14-year-old to walk into a building with a name linked to Epstein.
“Thinking about all the children in this world that deserve safety and also all the survivors on campus that have to walk under the Wexner name, I know what that’s like to have my heart race and my hands get sweaty,” she said. “I hate that anyone else has to have that feeling walking under that name and just dealing with it kind of everywhere on campus.”
One protester at Ohio State, Audrey Brill, told a local ABC affiliate that it now “feels gross” thinking of women delivering babies at OSU's Wexner Medical Center “given everything that we’re learning about where this money went” — and she feels removing Wexner's name could help.
Some protesters also want the name of Dr. Mark Landon, a prominent Ohio State gynecologist who received five-figure quarterly payments from Epstein between 2001 and 2005, removed from a visitor’s lounge in the hospital’s new $2 billion, 26-story tower. Landon have said the money was for biotech investment consulting for Wexner, not health care for Epstein or any of his victims.
This story corrects headlines, summary and story to replace “Epstein associates” with individuals “whose names appeared in the Epstein files.”
Casey contributed from Boston.
A sign is displayed on Farkas Hall, which was endowed by Harvard University alum Andrew Farkas, Friday, Jan. 31, 2025, in Cambridge, Mass. (AP Photo/Charles Krupa, File)
A sign is seen outside of the Les Wexner Football Complex at the Wood Hayes Athletic Center, Monday, March 30, 2026, in Columbus, Ohio. (AP Photo/Patrick Aftoora-Orsagos)
The Ohio State University Wexner Medical Center is seen Monday, March 30, 2026, in Columbus, Ohio. (AP Photo/Patrick Aftoora-Orsagos)
Lauren Barnes, a student in the Kennedy School's master's program, stands in front of the Leslie H. Wexner Building at Harvard University in Cambridge, Mass., on Wednesday, April 1, 2026. (AP Photos/Michael Casey)
The Les Wexner Football Complex at the Wood Hayes Athletic Center is seen Monday, March 30, 2026, in Columbus, Ohio. (AP Photo/Patrick Aftoora-Orsagos)
