The US bull market is entering its 5th year. Since the October 2022 low, the S&P 500 has rallied +118%, outpacing the average bull market since WWII. This is also the 3rd-largest gain among bull markets at their 4th anniversary. Over this period, the index has returned +21.6%

The US bull market is entering its 5th year. Since the October 2022 low, the S&P 500 has rallied +118%, outpacing the average bull market since WWII. This is also the 3rd-largest gain among bull markets at their 4th anniversary. Over this period, the index has returned +21.6% in Year 1, +33.7% in Year 2, +12.7% in Year 3, and +19.4% in Year 4. The average S&P 500 bull market's return since WWII has been +20.8% in Year 5, the 2nd-strongest 12-month performance after +39.1% in Year 1. Of the 13 previous bull markets, only 6 lasted long enough to reach this stage. If history is any guide, the market is heading for another year of strong gains.