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Input: No way around it - 2017 was a great year to own stocks. The S&P 500 index had risen almost 20 percent over the year. And the Dow Jones Industrial Average is up 25 percent over the same period  buoying portfolios  dividends and retirement accounts. And it's a similar story around the world on financial markets in Japan  Hong Kong and the United Kingdom. All this happened despite a wave of political turmoil in the U.S. and around the globe. To find out why 2017 was such a bull year  we're joined now by  NPR senior business editor Uri Berliner . Hi  Uri.
 URI BERLINER   BYLINE: Hey  Ray.
 BERLINER : Well  you know  despite all this tension and political volatility and geopolitical uncertainty  it actually was a good year for the global economy and remarkably kind of a stable one. Corporate earnings were very strong. Inflation is in check. Sort of the sense that the financial crisis of 2008 is really behind us now. I think economies around the world felt that more confidently. And every single country  every major developed country grew last year which is a remarkable thing. It just doesn't happen that often.
 BERLINER : Well  really  you know  since the end of the financial crisis  the stock market in the U.S. has just been on a roll. It's had a number of really good years. In 2009  the S&P 500 was up more than 26 percent. In 2013  it was up more than 32 percent. So stocks have had a lot of good years but this was especially notable  this one.
 BERLINER : Well  I think a lot of this just has to do with corporate earnings. I mean  markets look at corporate earnings very closely. This is really their bread and butter. And  you know  companies throughout the U.S. - technology companies  all kinds of companies - posted really stellar earnings. And there was strong earnings growth overseas as well. So  you know  I think this market has just looked at a - an unusually stable year economically despite  and in spite of all craziness  all the turmoil  all the threatening situations around - the world the volatility and the fear in the economy just wasn't there.
 BERLINER : Right  exactly. As you said  you know  half of Americans own stocks. And for them  it was a very good year. And to some extent  if those people feel wealthier  they may spend more. That's called a wealth effect. That may boost the economy a little bit. But those people who don't own stocks  they don't benefit directly in any way from this big year in the stock market. And even those who do own stock  they're really concentrated mostly among people who are wealthy - six-figure earners  seven-figure earners. Those are the people who own most of the stock in the U.S.  and even those who own some  many of them don't own that much.
SUAREZ: That's  NPR's Uri Berliner . Thanks a lot  Uri.
 BERLINER : You're welcome  Ray.

Global Markets Remain Immune To A Year Of Political Volatility : NPR