Direct Answer
Bull markets (sustained S&P 500 advances of 20%+ following a bear market) have averaged approximately 4-5 years in duration and +170% in returns since 1928. The longest bull market on record ran from March 2009 to February 2020, approximately 131 months, gaining +530%. The strongest was 1987-2000 at +582% over approximately 148 months.
U.S. Bull Market History and Duration Reference
U.S. bull markets: duration, total return, and annualized return
| Bull market | Start | End | Duration (months) | Total return (price) | Annualized |
|---|---|---|---|---|---|
| Post-Depression | Jun 1932 | Mar 1937 | 57 | +339% | ~36% |
| Post-WWII Rally | Apr 1942 | May 1946 | 49 | +158% | ~27% |
| 1950s-60s expansion | Jun 1949 | Aug 1956 | 86 | +267% | ~20% |
| Post-1962 recovery | Jun 1962 | Nov 1968 | 77 | +148% | ~16% |
| Post-1974 recovery | Oct 1974 | Nov 1980 | 74 | +126% | ~15% |
| 1982-1987 bull | Aug 1982 | Aug 1987 | 60 | +229% | ~26% |
| Post-Black Monday | Dec 1987 | Mar 2000 | 148 | +582% | ~17% |
| Post-dot-com | Oct 2002 | Oct 2007 | 60 | +101% | ~15% |
| Longest ever (QE era) | Mar 2009 | Feb 2020 | 131 | +530% | ~18% |
| Post-COVID | Mar 2020 | Jan 2022 | 21 | +114% | ~49% |
| Current (as of Sep 2024) | Oct 2022 | ongoing | ~23+ | ~+64%+ | ~33%+ |
Source: St. Louis Fed: S&P 500. Data through 2024; last checked September 2026.
Frequently asked questions
When does a bull market start?
A bull market conventionally begins after a 20% gain from a bear market trough. The NBER (which defines recessions) has no official bull market definition. Many investors track the S&P 500 at the end of any given day against its most recent 52-week low to gauge market condition. Bull markets can be brief (the 2020 post-COVID bull ran only 21 months before the 2022 bear market) or very long (the 2009-2020 expansion ran 131 months). The starting point is clear only in retrospect.
What drives long bull markets?
Long bull markets are supported by: (1) economic expansion and earnings growth; (2) accommodative monetary policy (low interest rates support equity valuations); (3) technological innovation creating new industries and expanding profit margins; (4) strong corporate earnings quality and return on equity. The 1982-2000 bull was driven by falling interest rates (from 14% to 5%), technology revolution, and globalization. The 2009-2020 bull was driven by near-zero interest rates, technology mega-cap dominance, and strong corporate earnings per share growth (aided by buybacks).
How do I stay invested during a long bull market?
Long bull markets create temptation to add risk (FOMO) and late-cycle anxiety (fear that the top is near). Evidence-based guidance: (1) maintain target allocation rather than chasing outperformance; (2) rebalance regularly to trim outperformers and add to laggards; (3) avoid trying to time the market's top; (4) focus on your personal financial plan and time horizon rather than market commentary; (5) if tempted to market-time, research how much returns early and late investors in the 2009-2020 bull market earned -- staying invested through both was essential for the full return.
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If you reference this table in your own work, use the following citation format and add the date you accessed it:
Swoopr Editorial Team. (2026). U.S. Bull Market History and Duration Reference. Swoopr Investment. https://www.getswoopr.com/tables/returns/bull-market-history/
Check the figures against the primary sources listed under References before you rely on or republish them; the series they come from are revised.