Bull Market on Track to Become Longest in History
By Kavitha Shastry
U.S. stocks are well on their way to recording their longest bull market in history, with the S&P 500 hitting an all-time high Tuesday for the first time in nearly seven months.
"What gets us excited is the fact that we've come off of two consecutive quarters of 20-plus percent earnings growth in the S&P 500 which is fantastic," said JPMorgan Private Bank's global investment strategist, Jeramey Lynch. "A lot of that has been driven by tax reform."
Barring a major market meltdown on Wednesday, the S&P tomorrow will mark 3,453 days since the lows of the financial crisis. Since March 2009, the index has risen more than 325 percent.
Those gains, though, are less than those during the dot-com boom of 1990 through 2000, the previous record-holder for longest bull run. Over that span, stocks were up over 400 percent.
But that slower pace might be exactly what keeps the current rally going, said Lynch.
"We haven't seen above-trend growth," he pointed out. "We're starting to look into 2019, and we still think we can get solid earnings growth, and hopefully revenue growth, in the U.S. markets for 2019."
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