The current bull market has officially hit its two-year milestone, overcoming recession fears, elevated interest rates, and persistent skepticism.
Since bottoming out on October 12, 2022, the S&P 500 has soared 63%, driven by a resilient economy and impressive corporate earnings. Gains have been further amplified by optimism around productivity and breakthroughs in artificial intelligence.
Defying all expectations, the S&P 500 is now trading at record highs, solidifying this as one of the most resilient—and surprising—bull markets in history.
“It is hard to believe that only two years ago the S&P 500 closed at 3,577 as investors feared inflation was entrenched after wholesale inflation data unexpectedly ticked higher that day,” said Adam Turnquist, chief technical strategist at LPL Financial.
Looking back, this day marked the birth of a bull market—one that has grown against the odds and market skepticism. Quoting legendary investor John Templeton, Turnquist added "Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria."
Veteran market strategist Ed Yardeni has been a vocal proponent of the bull market since its inception. Reflecting on the last two years, Yardeni stated, “The current bull market started two years ago, and we've loved it from the start, ...
