Rich Duprey
Fri, July 17, 2026 astatine 8:43 AM CDT 4 min read
Quick Read
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The S&P 500 has surged ~95% since precocious 2022, placing this bull marketplace successful the apical 10% of each rallies recorded since 1928.
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Goldman Sachs credits the rally to existent net maturation and AI infrastructure investment, not speculative excess similar the dot-com bubble.
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Elevated Shiller CAPE ratios historically mean aboriginal returns but person seldom marked an contiguous marketplace top.
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The banal marketplace has spent the past 3 and a fractional years doing thing fewer investors expected aft inflation, assertive involvement complaint hikes, and recession warnings dominated headlines. Instead of breaking down, firm America kept producing stronger earnings, consumers kept spending, and artificial quality sparked a question of concern dissimilar thing seen successful decades.
While each bull marketplace yet ends, past suggests this 1 has earned a spot among the strongest ever recorded astatine this signifier of its life. That doesn't warrant different limb higher, but it does alteration however investors should deliberation astir today's market.
A Bull Market Rarely Starts This Strong
According to Goldman Sachs, the S&P 500 has climbed astir 95% since the bull marketplace began adjacent the extremity of 2022. Looking backmost to 1928, that places today's rally wrong the apical 10% of each bull markets astatine a comparable constituent successful the cycle.
The examination becomes adjacent much striking erstwhile stacked against history.
| Bull Market After Roughly 3.5 Years | S&P 500 Return |
| Median humanities bull marketplace | ~35% |
| Top 25% of humanities bull markets | ~50% |
| Current bull marketplace | ~95% |
In different words, today's marketplace has produced astir treble the instrumentality generated by adjacent the apical quartile of humanities bull markets implicit the aforesaid timeframe.
Even much notable, Goldman Sachs recovered this rally has spent astir 2 consecutive years wrong that top-decile ranking, interrupted lone concisely during the March-April 2025 correction. Since that correction bottomed successful April 2025, the S&P 500 has rebounded 51%, reinforcing conscionable however persistent buying unit has remained.
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Inflation and complaint hikes couldn't termination this rally. Discover the AI-fueled momentum that pushed the S&P 500 into the apical 10% of humanities performances. © 24/7 Wall St.
Why This Rally Looks Different
History offers plentifulness of examples of explosive markets that yet collapsed nether their ain weight. The late-1990s dot-com roar is the evident comparison, but the similarities lone spell truthful far.

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