Janet Yellen says economic expansions don’t die of old age. Neither do bull markets.
At almost 82 months, the advance in the Standard & Poor’s 500 Index that has lifted U.S. share prices threefold is poised to become the second-longest ever in 2016, eclipsing a stretch in the 1950s in which prices almost quadrupled. As the rally that has restored $15 trillion to share prices sails past milestones, it’s natural for investors to wonder if time itself becomes a barrier to progress.
