"Get The Champagne Out": In 14 Trading Days This Becomes The Longest Bull Market Of All Time

In many perplexing ways, the market's performance since the Global Financial Crisis has been unprecedented: starting with the deepest recession since the Great Depression, the subsequent bull market has been on an unprecedented run for the past decade, aided and abetted by trillions in central bank liquidity that have pushed global interest rates to historic lows, suppressed volatility and supported the S&P since its March 2009 lows so that there has not been a single 20% drop in the past 10 years, resulting in a 325% cumulative return and 17.7% annualized.

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Last September, the S&P's run became the second-longest bull market in history.

Then, during this year's January melt-up, the S&P500 bull market became the 2nd largest of all time on Frida,y Jan 26th, when the index hit an all time high of 2873.

And now, Bank of America's Chief Investment Officer Michael Hartnett writes to "Get the champagne out For US stocks", because we are now just 14 trading days to go until the S&P 500 bull market becomes the longest of all-time, at 3,543 days, on August 22, 2018.

There was some early celebration yesterday, when Apple became the first US company to cross the $1 trillion market cap... but not the first in the world: that honor belongs to Petrochina, whose market cap briefly hit $1.1 trillion in 2007... 

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... although it may serve as a bit of a warning to AAPL because by 2008, just one year later, the Chinese energy giant had lost $800 billion in market cap, from which it has never recovered. As Bloomberg's Heidi Lun notes, "that was the biggest destruction of shareholder value in history."

Putting Apple's performance in context, DB's Jim Reid notes for the record that US Steel was the first to hit $1bn in 1901. It then took 54 years for GM to be the first to $10bn in 1955, another 32 years for IBM to reach $100bn in 1987 and now 31 years for the latest landmark. For the record, Microsoft was the first $500bn company in 1999.

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