Glossary
Bull Market
A sustained rise of 20% or more in a major index from a recent trough.
A bull market is a sustained rise of 20% or more in a major index from a recent trough, typically accompanied by improving economic data, rising corporate earnings, and broad investor optimism.
Bull markets historically outlast bear markets. Since 1928 the average US equity bull run has lasted about four and a half years and delivered cumulative returns of roughly 150%, dwarfing the average 35% bear-market decline.
Late-cycle bulls often show narrowing breadth (fewer stocks driving the index higher) and stretched valuations — useful warning signs that the cycle may be maturing toward its next bear phase.