The S&P 500 Is Looking A Lot Like 1904 At The Moment

Two quarters of 0 gains at S and P

Google created the biggest single day gain in stock market history, Amazon beat estimates by a full $0.33, and other company’s surprised Wall Street with their big numbers this past week. Buried in all of that excitement is something we haven’t seen since 1904. The S&P 500 posted two consecutive (back to back) quarters of 0% gains.

Fundstrat’s Tom Lee explains that this same feat “has happened only one other time in the past 125 years, for either the Dow and the S&P 500.”

The last time a 0% gain occurred back-to-back the Dow managed to hold onto that rally for six consecutive months, and then stocks surged by 43% over the next two-quarters.

Lee doesn’t outright say we are headed for another big surge, just that we should “never short a dull market.”

“There are certainly differences versus today—notably, the US was exiting a recession at that time,” Lee writes. “However, the key takeaway for us, is that history suggests we could see strong gains in 2H.”

How Automation is Changing Jobs, Careers, and the Future Workplace

Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at