S&P 500 Up 26 Percent, But This Is An “Ordinary” Rally: JPMorgan

The S&P 500 (INDEXSP:.INX) is up 26% year to date, and most people agree that the market has had a tremendous year, but according to historical analysis from JPMorgan Chase & Co. (NYSE:JPM)’s Thomas J Lee, it’s actually been an “ordinary” rally.

Double-digit market gains

“Since 1897 about one-in-three years has seen the market rise greater than 20% (34 out of 116 instances). In fact, double-digit market gains are surprisingly common. For instance, there are 57 years when the market was up more than 10% and only 19 years up single digits,” writes Lee. “The YTD gain, taken by itself, is not a sign of exuberance, but quite typical.”