U.S. stocks roared to another blockbuster showing in 2024. Few expect such a torrid advance in the year to come.

The S&P 500 has climbed 24%, notching 57 record closes as the economy remained healthy, inflation ticked lower and an AI-fueled rally in big tech stocks powered on. Even with a stumble in the last few trading days, the broad U.S. stock index is on pace for its best consecutive years since 1997 and 1998, according to Dow Jones Market Data, during the lead-up to the bursting of the dot-com bubble.

The rally has created millionaires and turned professional investors increasingly bullish: In December, the Bank of America Global Fund Manager Survey found record enthusiasm for U.S. stocks, as measured by the net share of respondents favoring the group. The payoffs haven’t been limited to the equity market: Gold is on pace for its best year since 2010, while bitcoin more than doubled, vaulting above $100,000 for the first time before slipping below that mark.