Goldman Sachs Asset Management: Market Monitor: February 2

The S&P 500 took over two years to reach a new all-time high (ATH) for just the seventh time in history. Historically, the S&P 500 has been able to maintain its momentum in these instances, as twelve-month forward returns following an ATH after two years have been over 4 percentage points greater than unconditional returns. We believe that investors who have waited for the index to reach its previous high watermark may be rewarded for doing so.

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