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The S&P/TSX Composite Index slipped another 0.7% in December, adding to its 4th quarter loss of 2.2%. The index did, however, show a net gain for the year, rising 7.4% for all of 2014, after rising 9.6% the prior year. Despite losing 0.4% in December, the S&P500 Index was up 11.4% in 2014. European markets were mostly down in December and finished the year with net losses, with Greece once again the worst, losing 37.4%. China was the big winner in 2014, gaining another 19.5% in December alone. Investors shifted funds into stocks on expectations of easier central bank policies, pushing the Shanghai Index up 49.3% for the full year. (more…)