If you think it’s been a while since you’ve seen a sustained decline in global stocks recently, you’d be right.
This chart from Bank of America Merrill Lynch (BAML) explains why.
According to BAML, it’s now been well over 300 trading sessions since global stocks have seen a decline of 5% or more, near doubling the previous record of 171 sessions set in 2014.
Underlining just how strong stocks have performed in the period since the global financial crisis, the three longest stretches without a 5% pullback have all occurred over the past four years.
It’s been a relentless move higher, only interrupted briefly by modest declines before reversing those losses and more once again.
At the forefront of that global move has been the performance of US stocks.
Indeed, a new record was set in the US today following the conclusion of Monday’s trading session.
At 395 sessions, the current run without a 5% pullback in the S&P 500 surpassed the previous record stretching back to 1928.
After a plethora of other landmarks, and with US stocks continuing to hit new highs almost every day, another record has now fallen by the wayside.
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