Stock indexes closed mostly lower on Wall Street on the final day of another record-setting year. The S&P 500 slipped 0.4% Tuesday, but still managed to rack up a gain of 23.3% for the year, its second straight year with gains of more than 20%.

Markets have been energized by receding inflation, which has gotten closer to the Federal Reserve’s 2% target. That raised hopes that the central bank would deliver multiple interest rate cuts into next year, which would ease borrowing costs and fuel more economic growth.