Bear Market That Wasn’t Gores Pessimists Amid Rebound

Investors who heeded warnings about falling home sales, record European budget deficits and the debasement of the U.S. dollar can nurse regrets after the 2010 bear market didn’t happen.

The Standard & Poor’s 500 Index has gained 9.7 percent this year and 20 percent since hitting its 2010 low on July 2, defying pessimists from Robert Prechter to Albert Edwards and Nouriel Roubini, who expected an economic slowdown that hurt equities. Bulls, who looked like losers when the benchmark gauge for U.S. stocks fell 16 percent between April and July, were vindicated by the rebound that added $2.6 trillion in value.