The bull market for U.S. equities is now five years old. Happy birthday!
It seems like only yesterday that the S&P 500® Index-ended its relentless downward spiral at the curious level of 666. Related markets, such as emerging markets and high-yield bonds, had already put in their lows in December 2008, but U.S. equities kept on going down until March, when the S&P 500 finally put in a technically perfect low. A generational bottom if ever there was one.
And here we are, five years later and 182% higher on the S&P 500®. So let’s do a quick recap of where we were then and where we are now.
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