How long do bull markets last? Since 1949, the 11 completed S&P 500 bull markets lasted 5.5 years on average and gained 191.5%, based on closing prices. The median run lasted five years and gained 114.4%. The current bull market began on October 12, 2022, and turned four on October 12, 2026.
Updated October 24, 2026, with data through the October 23, 2026, close.
What counts as a bull market?
A bull market starts at the closing low of a bear market, a drop of 20% or more from a record close. It ends at the last record close before the next 20% drop.
That means a bull market is only confirmed after the fact. The current run began at the October 12, 2022, low of 3,577.03, but the S&P 500 didn't close 20% above that low until June 8, 2023.
Smaller pullbacks don't count here. On closing prices, the S&P 500 fell 19.9% in 1990 and 19.3% in 1998, just short of 20%, so this page treats those bull markets as still running. S&P Dow Jones Indices lists the 1990 drop as a bear market, which would split the 1987 to 2000 run in two.
How long do bull markets usually last?
Bull markets tend to run for years, and bear markets tend to be shorter. Here is every S&P 500 bull market since 1949, measured on closing prices without dividends.
Start | End | Years | Gain |
|---|---|---|---|
June 13, 1949 | August 2, 1956 | 7.1 | 266.3% |
October 22, 1957 | December 12, 1961 | 4.1 | 86.4% |
June 26, 1962 | February 9, 1966 | 3.6 | 79.8% |
October 7, 1966 | November 29, 1968 | 2.1 | 48.0% |
May 26, 1970 | January 11, 1973 | 2.6 | 73.5% |
October 3, 1974 | November 28, 1980 | 6.2 | 125.6% |
August 12, 1982 | August 25, 1987 | 5.0 | 228.8% |
December 4, 1987 | March 24, 2000 | 12.3 | 582.1% |
October 9, 2002 | October 9, 2007 | 5.0 | 101.5% |
March 9, 2009 | February 19, 2020 | 10.9 | 400.5% |
March 23, 2020 | January 3, 2022 | 1.8 | 114.4% |
October 12, 2022 | Still running as of October 23, 2026 | 4.0 | 113.1% |
For the 11 completed runs, here is how the numbers average out.
Average length 5.5 years, or 2,022 days
Median length 5.0 years, or 1,826 days
Average gain 191.5%
Median gain 114.4%
The average sits well above the median because two runs, from 1987 to 2000 and from 2009 to 2020, lasted more than a decade.
What were the longest and shortest bull markets?
The longest bull market since 1949 ran from December 4, 1987, to March 24, 2000. It lasted 12.3 years, and the S&P 500 gained 582.1%. It started just weeks after the 1987 Black Monday crash.
Second place goes to the run from March 9, 2009, to February 19, 2020. It lasted 10.9 years and gained 400.5%.
The shortest was the bull market that began on March 23, 2020. It lasted 1.8 years, or 651 days, yet gained 114.4% before peaking on January 3, 2022.
The smallest gain came from October 7, 1966, to November 29, 1968, when the index rose 48.0% in 2.1 years.
How old is the current bull market?
The current bull market is 1,472 days old as of the October 23, 2026, close, or about four years. The S&P 500 closed at 7,623.68 that day, up 113.1% from the 2022 low.
Its record close so far is 7,818.93, set on October 6, 2026, which was 118.6% above the low.
It has already outlasted four of the 11 completed bull markets since 1949, and its gain through October 23, 2026, tops five of them.
At its four-year mark on October 12, 2026, it was up 118.3%. Only the runs that began in August 1982, up 137.6% at four years, and March 2009, up 129.3%, did better at the same age. More on that in this bull market at four.
For a refresher on how the index works, see what the S&P 500 is.
What ends a bull market?
A bull market ends when the S&P 500 falls 20% or more from a record close. The 11 drops that ended bull markets since 1949 ranged from 21.5% to 56.8%.
The deepest ran from October 9, 2007, to March 9, 2009, a 56.8% decline
The fastest took 33 days, from February 19 to March 23, 2020, a 33.9% decline
The longest lasted 929 days, from March 24, 2000, to October 9, 2002, a 49.1% decline
The most recent ran from January 3 to October 12, 2022, a 25.4% decline
Age hasn't been a reliable signal. Completed bull markets since 1949 ended anywhere from 1.8 to 12.3 years after they began.
Calendar patterns get a lot of attention too. See the presidential cycle and stocks after midterm elections.
Past returns don't predict future ones.
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Frequently asked questions
How long does the average bull market last?
The 11 completed S&P 500 bull markets since 1949 lasted 5.5 years on average, based on closing prices. The median run lasted 5.0 years. The shortest lasted 1.8 years and the longest lasted 12.3 years.
What was the longest bull market?
The S&P 500's longest bull market since 1949 ran from December 4, 1987, to March 24, 2000. It lasted 12.3 years, or 4,494 days, and the index gained 582.1% on a closing basis.
When did the current bull market start?
The current bull market started at the S&P 500's closing low of 3,577.03 on October 12, 2022. That low ended a 25.4% drop from the record close of January 3, 2022. The bull market turned four on October 12, 2026.
How much does the S&P 500 gain in a typical bull market?
Since 1949, the median completed bull market lifted the S&P 500 114.4%, and the average gain was 191.5%, not counting dividends. Gains ranged from 48.0% in the 1966 to 1968 run to 582.1% from 1987 to 2000.
What ends a bull market?
By the standard definition, a bull market ends at its last record close before the S&P 500 falls 20% or more. Since 1949, the 11 drops that ended bull markets ranged from 21.5% to 56.8%.
How is a bull market different from a bear market?
A bull market is a rise of 20% or more from a bear market low. A bear market is a drop of 20% or more from a record close. Since 1949, the 11 completed bear markets had a median length of 446 days, while the median bull market lasted 1,826 days.
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