AABP EP Awards 728x90

Notable moment for the bull market

/wp-content/uploads/2022/11/BR_web_311x311.jpeg

Wednesday marks not just the midpoint of your workweek; it’s also the milestone for the U.S. marking (some argue) the longest bull market on record. We combed through national stories and media and came up with a few that note the 10-year boom.

CNBC gives the preview: The S&P 500 hit an all-time high on Tuesday and tied the record for the longest bull market ever as investors bet that the strengthening economy and booming corporate profits seen under President Donald Trump’s first two years would continue, despite recent trade battles. The broad index rose 0.2 percent and reached an intraday record of 2,873.23, led by consumer discretionary and industrial. The S&P 500 surpassed 2,872.87, a high reached on Jan. 26. The index failed to post a record close, however, ending the session at 2,862.96. The bull market turns 3,453 days old today, which would make it the longest on record by most definitions. On Tuesday, it tied the one that ran from October 1990 to March 2000.

Business Day/New York Times looks at why there’s not a celebration: The party has been going for more than a decade. But a lot of Americans haven’t been celebrating. Stocks will cross a major threshold today, when the 10-year-old bull market will arguably become the longest on record. It ranks among the great booms in American market history. … But the gains haven’t been spread among the masses. Stock market wealth is heavily concentrated among the richest families.”

CNN Money’s article includes some of the ups and downs of the bull market, such as this excerpt: “The bull market narrowly survived countless panic attacks from crisis-scarred investors along the way. There was the downgrade of America’s credit rating in 2011, the feared collapse of the euro, China’s alarming economic slowdown and the dramatic crash in oil prices. Yet each scare failed to derail the steady rise of the economy and corporate profits that has underpinned Wall Street’s record-breaking run. There were close calls, but the S&P 500 never dropped 20 percent, the trigger for a new bear market. Still, the lingering doubt about the market led some to call it the most hated bull market ever.”

rebuildingtogether brd 070125 300x250