The bull market in stocks continued in 2021.  There were significant shifts in sentiment and market leadership during the year, with some similarity to the pattern in 2020.  Equities rose in response to widening vaccination progress early in the year, with the market rally led by segments of the market expected to benefit the most from economic reopening.  During the middle of the year, stocks continued to move higher albeit at a slower pace with favorable Covid trends and policy stimulus providing a positive backdrop for growth.  With Federal Reserve policy becoming more restrictive and the Omicron variant becoming the dominant strain of Covid-19, the latter part of the year was more turbulent as market sentiment frequently shifted between optimism and pessimism.