The US stock market officially closed for 2025, with all three major indices recording double-digit annual gains for the third consecutive year, hitting new historical highs. The Nasdaq Composite rose 20.36% for the year, the S&P 500 Index gained 16.39%, and the Dow Jones Industrial Average increased by 12.97%, marking its eighth consecutive monthly gain. At the start of the new year, analysts noted that investors had already begun adjusting their positions in anticipation of the year-end, and under expectations of a loosening US monetary policy, the probability of a rise in the US stock market in 2026 has significantly increased. However, in the short term, caution should be exercised regarding potential market pullback risks. Against the backdrop of current historical highs, can the bull market in US stocks continue?