(Bloomberg) -- The S&P 500 has had a 100-day run for the record books.
Since bottoming March 23, the benchmark for American equities has rallied 40%, a feat not done for almost nine decades. If history is any guide, the gains have further to go, according to Bespoke Investment Group.
The S&P 500 had previously recorded only five 100-day rallies of at least 33% in its history, the firm found. Three occurred before the second World War, the other two took place in 1982 and 2009. In each instance, the index fell in the next week, but was higher three months later. It was up an average of 7.3% after six months, and 13% after a year.
“While prior experience suggests that the market may need to catch its breath following such a sharp run, it usually tacks on further gains going forward,” Paul Hickey, co-founder of Bespoke, wrote in a note.
It's possible the market's already endured its short-term pullback. The S&P 500 rose as much as 44% from its bottom through June 8, before volatility returned and it plunged 7.1% in three days. Stocks added 0.8% Wednesday, headed for a third straight day of gains after notching the best quarter since 1998.
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