The current U.S. bull market just celebrated its fourth anniversary with an exceptional performance: the S&P 500 posted double-digit gains in each of its first four years, a first since World War II. The index is up 12% year to date despite a 2% decline last week, largely driven by artificial intelligence-linked stocks. CoreWeave plunged more than 25%, while Micron and AMD fell 15% and 13% respectively. The S&P 500 trades at a forward P/E ratio of nearly 23, but third-quarter earnings are tracking for 29% year-over-year growth. Historically, the fifth year of bull markets since 1945 produced average gains of nearly 21%, and only one bull market that lasted four years failed to reach its fifth anniversary.
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