S&P 500 Chases A Win Streak Last Seen In 1995: Here's Why This Matters

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The S&P 500 is on the verge of joining one of the most exclusive streaks in market history. The benchmark index – tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY) – secured its ninth consecutive ...

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After the last eight, forward returns ran well below normal.","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SPUS":"SP Funds S&P 500 Sharia Industry Exclusions ETF","SPXS":"三倍做空标普500ETF-Direxion","RSPU":"Invesco S&P 500 Equal Weight Utilities ETF","ALLW":"SPDR BRIDGEWATER ALL WEATHER ETF","VV":"Vanguard Large-Cap ETF","HIBS":"Direxion Daily S&P 500 High Beta Bear 3X Shares","SPYH":"Neos S&P 500 Hedged Equity Income ETF","SMAX":"ISHARES LARGE CAP MAX BUFFER SEP ETF","SPYG":"SPDR Portfolio S&P 500 Growth ETF","SPGP":"Invesco S&P 500 GARP ETF","BMAY":"Innovator U.S. Equity Buffer ETF - May","SPLV":"Invesco S&P 500 Low Volatility ETF","DMAX":"ISHARES LARGE CAP MAX BUFFER DEC ETF","SCHB":"Schwab US Broad Market ETF","JEPI":"JPMorgan Equity Premium Income ETF","XYLD":"Global X S&P 500 Covered Call ETF","SPUU":"Direxion Daily S&P 500 Bull 2x Shares","SPXU":"三倍做空标普500ETF-ProShares","XLG":"Invesco S&P 500 Top 50 ETF","TSPY":"TappAlpha SPY Growth & Daily Income ETF","SPDN":"Direxion Daily S&P 500 Bear 1X Shares","SPYM":"投资组合标普500指数ETF-SPDR","SPHD":"标普500高股利投资组合ETF-PowerShares","IVV":"标普500ETF-iShares","XDTE":"Roundhill S&P 500 0DTE Covered Call Strategy ETF","SPYQ":"2倍做多SPY Quarterly ETF-Tradr","IJH":"标普中型股400指数ETF-iShares","NOBL":"ProShares S&P 500 Aristocrats ETF","ETFT":"Fundsmith Equity ETF","VEU":"Vanguard FTSE All-World ex-US ETF",".SPX":"S&P 500 Index","GSLC":"Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF","SPHQ":"Invesco S&P 500 Quality ETF","SPMO":"Invesco S&P 500 Momentum ETF","DBSC":"Deepwater Beachfront Small Cap ETF","MMAX":"iShares Large Cap Max Buffer Mar ETF","YSPY":"GraniteShares YieldBOOST SPY ETF","MOAT":"VanEck Morningstar Wide Moat ETF","ITOT":"安硕核心标普全美股市ETF-iShares","SPYU":"MAX S&P 500 4X Leveraged ETN","SFY":"SoFi Select 500 ETF","VTI":"大盘指数ETF-Vanguard MSCI","RSPN":"Invesco S&P 500 Equal Weight Industrials ETF","SPYV":"SPDR Portfolio S&P 500 Value ETF","SH":"做空标普500-Proshares","SDS":"两倍做空标普500 ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","ACWI":"MSCI全球ETF-iShares","SCHX":"Schwab US Large-Cap ETF","IVE":"标普500价值指数ETF-iShares","IJR":"标普小型股600指数ETF-iShares","UPRO":"三倍做多标普500ETF-ProShares","RSP":"平均加权指数ETF-Rydex S&P","GPIX":"GOLDMAN SACHS S&P 500 CORE PREMIUM INCOME ETF","IVW":"标普500成长股指数ETF-iShares","SPXL":"三倍做多标普500ETF-Direxion","RSPA":"Invesco S&P 500 Equal Weight Income Advantage ETF","SPYD":"SPDR Portfolio S&P 500 High Dividend ETF","VBK":"美国小盘成长股ETF-Vanguard","VTV":"Vanguard Value ETF","HIBL":"Direxion Daily S&P 500 High Beta Bull 3X Shares"},"translate_title":"标普500追逐1995年的连胜：这就是为什么这很重要","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MMAX":0.6,"SMAX":0.6,"SPYV":0.6,"RSPN":0.6,"NOBL":0.6,"ITOT":0.6,"ALLW":0.6,"SPHD":0.6,"SPXU":0.6,"GSLC":0.6,"ETFT":0.6,"SPYU":0.6,"IVV":0.6,"SPXS":0.6,"RSP":0.6,"VEU":0.6,"SCHB":0.6,"XDTE":0.6,"IVE":0.6,"SDS":0.6,"HIBL":0.6,"XYLD":0.6,"XLG":0.6,"SPUU":0.6,"TSPY":0.6,"BMAY":0.6,"VV":0.6,"SPLV":0.6,".SPX":1.97,"IVW":0.6,"SPXL":0.6,"GPIX":0.6,"IJR":0.6,"SSO":0.6,"VBK":0.6,"SPYG":0.6,"SFY":0.6,"SPUS":0.6,"SPYQ":0.6,"HIBS":0.6,"SPDN":0.6,"VTV":0.6,"IJH":0.6,"RSPU":0.6,"SPYM":0.6,"JEPI":0.6,"VTI":0.6,"YSPY":0.6,"DMAX":0.6,"RSPA":0.6,"MOAT":0.6,"ACWI":0.6,"SCHX":0.6,"SPGP":0.6,"SPHQ":0.6,"SPMO":0.6,"DBSC":0.6,"SPYH":0.6,"UPRO":0.6,"SPYD":0.6,"SH":0.6},"content_text":"The S&P 500 is on the verge of joining one of the most exclusive streaks in market history.\nThe benchmark index – tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY) –  secured its ninth consecutive daily gain on Tuesday, after closing at 7,612 points.\nWhile nine-day winning streaks are uncommon, another positive close on Wednesday would elevate the move into far rarer territory: a 10-session winning streak, something seen only eight times since 1970.\nAnd history suggests that while such momentum often reflects powerful bullish sentiment, investors shouldn’t automatically assume more gains lie ahead.\nFor the S&P 500, a nine-day run is the 17th of its kind since 1970. The most recent occurred in May 2025, when stocks surged as investors unwound tariff-related fears.\nExcluding last year’s episode, the most recent occurrences came in November 2004, June 1997, September 1995 and January 1992.\nStretch it to 10 sessions and the company gets far more exclusive: only eight times in 55 years has the S&P 500 closed higher for 10 straight days, and the most recent was September 1995.\nHistory offers a surprisingly mixed verdict.\nForward-return analysis shows that the S&P 500’s performance following a 10-session winning streak has generally lagged normal market returns.\nOne month after the signal, the index produced an average gain of just 0.5%, compared with an unconditional average return of roughly 0.8%.\nThree-month returns averaged 1.8%, also below the historical norm of 2.2%.\nThe six-month picture is even weaker. Average returns turned slightly negative at -0.7%, versus a typical gain of 4.5%.\nThe 12-month outlook improved somewhat, with an average gain of 2.1%, but that still trailed the S&P 500’s long-term average annual return of about 9%.\nThe median tells a calmer story. The middle 12-month outcome, less distorted by extremes, was a healthier 7.12%, and the win rate remained above 50% across all horizons, reaching 75% one month out.\nThe most interesting comparison may not be the averages but the enormous divergence between individual historical outcomes.\nTwo episodes stand out.\nIn September 1995, the S&P 500 completed a 10-session winning streak and continued climbing as the technology boom gathered momentum. \nWhat followed became one of the strongest bull-market phases in modern history.\nTwelve months later, the index had gained more than 16%, significantly outperforming a typical year for stocks. \nThe rally ultimately evolved into the late-1990s internet-driven surge that culminated in the dot-com bubble.\nThe October 1989 episode tells the opposite story.\nFresh off a historic winning streak, the S&P 500 initially appeared unstoppable. \nYet one month later the index had fallen more than 6%, and losses continued to mount over the following year. Twelve months after the signal, the market was down roughly 15%.\nThe current rally arrives amid one of the strongest AI-driven market advances on record. \nSemiconductor stocks have surged, corporate earnings expectations continue to rise, and investors remain willing to pay increasingly higher valuations for companies exposed to artificial intelligence infrastructure.\nThat backdrop arguably makes the current environment look more like 1995 than 1989.\nStill, history suggests that once the S&P 500 reaches the extremely rare milestone of 10 consecutive gains, future returns tend to become less predictable and often less rewarding than investors expect.\nMomentum can persist, but the historical record shows that after such extraordinary streaks, the easy money has usually already been made.\nImage via Matej Kastelic/Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2640792123","isCrawlerRequest":true}