10.13.23 Bull Market Check-Up
Key Takeaways:
• The S&P 500 wrapped up the first year of the bull market yesterday. While the 21.6% gain was historically underwhelming, it is understandable given the challenging backdrop of global tightening, surging interest rates, elevated equity valuations, sticky inflation, and imminent recession calls.
• History suggests this bull market could have more room to run. Average and median 12-month returns for the S&P 500 have averaged around 13% to 14% during the second year of a bull market, with all 14 occurrences posting positive results.
• Don’t expect a linear path higher as maximum dra
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