1975–1976: Twenty years passed before large-company stocks next rose 20% on back-to-back years. The 37.2% gain in 1975 and the 23.9% rise in 1976 were rebounds from the 1973–1974 stock market crash.

Microsoft has started the new year with a small gain year to date. On Wednesday, shares rose 0.5% to 424.56 ahead of the ...

With such a wide range of potential outcomes this year, risk management and value capture will be important themes.