The USA has been the only strong major economy in the world. “The U.S. still sits as a shiny city on the global economic hill,” says Kevin Mahn, chief investment officer at Hennion & Walsh Asset Management in Parsippany, N.J.

Historically, the holidays have been good to investors. The last five trading days of the year and the first two of the new year — the Santa Claus rally — have produced gains in the S&P 500 in 34 out of 44 years since 1969, says PNC Financial Services. Average gain: 1.6%.

This year, the S&P 500 is up 12.8%, and the Dow has gained 8.8%. The tech-heavy Nasdaq has jumped 14.1%.

Naturally, there’s always plenty to worry about for 2015: Oil prices are still unstable, Russia still threatens the Ukraine, and the European economy is slowing. “Investors need to be more realistic about their expectations in 2015,” Mahn says.

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