Wall Street fell on the final day of trading for 2025, a banner year for markets that was driven by both optimism and uncertainty.

The S&P 500 pulled back 0.7% Wednesday. The Dow Jones Industrial Average lost 0.6%, and the Nasdaq composite gave back 0.8%.

Trading was very light ahead of the New Year’s Day holiday Thursday, when markets will be closed.

The S&P 500 rose more than 16% this year as investors embraced the optimism surrounding artificial intelligence and its potential for boosting profits for companies.

On Wednesday:

The S&P 500 fell 50.74 points, or 0.7%, to 6,845.50.

The Dow Jones Industrial Average fell 303.77 points, or 0.6%, to 48,063.29.

The Nasdaq composite fell 177.09 points, or 0.8%, to 23,241.99.

The Russell 2000 index of smaller companies fell 18.68 points, or 0.7%, to 2,481.91.

For the week:

The S&P 500 is down 84.44 points, or 1.2%.

The Dow is down 647.68 points, or 1.3%.

The Nasdaq is down 351.11 points, or 1.5%.

The Russell 2000 is down 52.44 points, or 2.1%.

For the year:

The S&P 500 rose 963.87 points, or 16.4%.

The Dow rose 5,519.07 points, or 13%.

The Nasdaq rose 3,931.20 points, or 20.4%.

The Russell 2000 rose 251.75 points, or 11.3%.