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  1. ETF Strategist Channel
  2. BIG NUMBER | 20: It’s Been 2 Decades Since Stocks Did This
ETF Strategist Channel
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BIG NUMBER | 20: It’s Been 2 Decades Since Stocks Did This

Horizon Investments   May 12, 2025
2025-05-12

A lengthy run for the S&P 500

These days, the stock market is showing up on both the “best of” and “worst of” lists. For example, just last week:

  • The S&P 500 suffered its worst 100-day start to a presidential term since 1972, driven by fears that a tariff war could cause a global recession.
  • Conversely, the S&P 500 also notched its ninth consecutive day of positive returns. The chart below shows that it is the index’s longest daily winning streak since late 2004, more than 20 years ago.

A History of the S&P 500’s Consecutive Daily Winning Streaks (Through May 2, 2025)

S&P 500’s Consecutive Daily Winning Streaks
Source: Bloomberg, calculations by Horizon Investments, data as of 05/05/25. It is not possible to invest directly in an index.

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One result of that nine-day run (which ended Monday when stocks were down slightly): The market has fully recovered from the post-Liberation Day losses it experienced after President Trump announced a wave of tariffs on imported goods. The S&P 500 is now up from its recent low in early April, although it’s still below its mid-February record high. In particular, retail investors have shown a willingness to buy stocks on days when the market has fallen.

While the market’s sharp upswing is good news, it also raises some concerns. Investors today are bidding up stock prices largely based on the belief that the administration will quickly strike new trade deals with other nations and reduce (or even eliminate) some of its existing and planned tariffs. However, as we’ve seen, predicting President Trump’s decisions is notoriously tricky. If the trade situation isn’t resolved swiftly and painlessly, investors could turn skittish and cause the market’s recent gains to reverse course.

In this environment, we believe diversification across asset classes, sectors, and regions remains a prudent course for clients as part of a larger financial plan that reduces emotional decision-making from investing.

By Zachary Hill, CFA

Originally published on May 7, 2025

For more news, information, and analysis, visit the ETF Strategist Channel.

Disclosure Information:

The Standard and Poor’s 500, or simply the S&P 500, is a stock market index tracking the stock performance of 500 leading companies listed on stock exchanges in the United States. Reference to an index does not imply that any account will achieve returns, volatility or other results similar to that index. The composition of an index may not reflect the manner in which a portfolio is constructed in relation to expected or achieved returns, portfolio guidelines, restrictions, sectors, correlations, concentrations, volatility or tracking error targets, all of which are subject to change. Indices are unmanaged and do not have fees or expense charges, both of which would lower returns. It is not possible to invest directly in an index. Information obtained from third party sources is believed reliable but has not been vetted by the firm or its personnel.

This commentary is written by Horizon Investments’ asset management team. Past performance is not indicative of future results. Nothing contained herein should be construed as an offer to sell or the solicitation of an offer to buy any security. This report does not attempt to examine all the facts and circumstances that may be relevant to any company, industry, or security mentioned herein. We are not soliciting any action based on this document. It is for the general information of clients of Horizon Investments, LLC (“Horizon”). This document does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Before acting on any analysis, advice, or recommendation in this document, clients should consider whether the security in question is suitable for their particular circumstances and, if necessary, seek professional advice. Investors may realize losses on any investments. Asset allocation cannot eliminate the risk of fluctuating prices and uncertain returns. All investing involves the risk of loss.

The investments recommended by Horizon Investments are not guaranteed. There can be economic times when all investments are unfavorable and depreciate in value. Clients may lose money. This commentary is based on public information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied on as such. The opinions expressed herein are our opinions as of the date of this document. These opinions may not be reflected in all of our strategies. We do not intend to and will not endeavor to update the information discussed in this document. No part of this document may be (i) copied, photocopied, or duplicated in any form by any means or (ii) redistributed without Horizon’s prior written consent. Forward-looking statements cannot be guaranteed. Other disclosure information is available at www.horizoninvestments.com.

Horizon Investments and the Horizon H are registered trademarks of Horizon Investments, LLC

©2025 Horizon Investments, LLC.

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