Happy Birthday, Bull

Despite the S&P 500 undergoing a sub-10% pullback since the peak on July 31, the S&P 500 remains in bull-market mode after advancing more than 20% on June 8, 2023, following the 25.4% bear market that ended on October 12, 2022. Some investors worry, however, that this bull market may have already ended due to the fallout from higher interest rates, oil prices, bond yields, and the value of the U.S. dollar. Nevertheless, every S&P 500 bull market since 1949 ended only after recovering all that it lost in the prior bear market.