The S & P 500 just missed the dreaded milestone of falling into a bear market, and that could mean strong gains for the benchmark index going forward. At one point last week, the S & P 500 was down more than 19% from a record closing high set in early January. However, a bounce on Friday helped the index dodge a bear market – typically defined as a 20% drop from a recent high on a close-to-close basis.
It also rallied 29% after bottoming in October 1990 and 32% after an October 2011 slump. Gains in subsequent three and six months have also been strong. To be sure, Credit Suisse pointed out that the market may not have the Federal Reserve to help it out this time, as it did in many of those prior near misses.
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