In October, we thought the S&P 500 could rally to around 3900, it surpassed that level to 4080, which is a valuation of about 18.4x 2022 earnings. What drove the market was the benchmark used for valuation purposes for the

S&P 500, the 10-Year Treasury, which declined from 4.2% to 3.5%. This provided a significant boost for valuations.