The S & P 500 closed at its bear market low a year ago Thursday — ending Oct. 12, 2022, at its lowest close since November 2020 . At the time , investors were looking ahead to the following day's consumer price index release, hoping the latest inflation data would offer insights into the Federal Reserve's interest rate policy going forward. That CPI report ultimately proceeded a wild session on Wall Street — the S & P 500 was down 2.4% at its lows of the day on Oct.
It's worth noting: We took stakes in Broadcom and Oracle in August, so they weren't part of our portfolio for much of these gains. Still, in both cases, we believe their best days are yet to come. Eli Lilly's near-double since the Oct. 12, 2022 close for the S & P 500 has been driven by optimism around Mounjaro, its diabetes drug that's soon expected to gain regulator approval as a weight-loss treatment.