Developed stock markets rise for third consecutive year

Stocks had another positive year in 2014, especially in developed markets.

Stock markets in the United States, Europe and Japan all rose for the third consecutive year. The Standard & Poor's 500 Index in the US rose 11.4 percent last year, the STOXX Europe 600 Index rose 4.4 percent and Japan's Nikkei 225 Stock Average rose 7.1 percent.

Stocks had a positive year despite ending on a weak note. The S&P 500 fell 0.4 percent last month, its first December decline since 2007. The STOXX Europe 600 fell 1.4 percent last month, its first December decline since 2008. The Nikkei 225 fell less than 0.1 percent.

Markets finished down in December despite hitting multi-year highs earlier in the month. The S&P 500 hit an all-time high on 29 December. The STOXX Europe 600 hit its highest level in almost seven years on 5 December. The Nikkei 225 briefly rose above 18,000 on 8 December for the first time in seven years.

While stocks in the developed markets did well in 2014 as a whole, stocks in emerging markets were mostly weak. The MSCI Emerging Markets Index fell 4.6 percent in 2014.

China's stock market was an exception to the weakness in emerging markets. The Shanghai Composite Index rose 52.9 percent in 2014 to close at the highest level since January 2010.