Stock Market Today: S&P 500 closes at record, Dow up 260 points after upbeat economic data

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A blistering bull market in stocks that began in October 2022 has showed no signs of slowing down in 2024. If anything, it is speeding up.

Although there have been a few bumps along the way, the S&P 500 as of Thursday was on track for its second straight year of 20%-plus gains, an extremely rare accomplishment.

And as of midday on Thursday, the index was also poised for another milestone. With a preliminary gain of 20.2%, the U.S. benchmark was on track to tally its strongest return during the first nine months of the year since 1997, according to Dow Jones Market Data. Whether it achieves this or not will depend on where things stand when the market closes on Monday, the final trading day of the month and quarter.

Other indexes have seen strong gains as well, although they’re not quite as impressive relative to history. Here’s a roundup courtesy of Dow Jones data.

The Dow Jones Industrial Average is currently up 11.8% year to date, and on pace for its best performance through the first three quarters of the year since 2019.

The Nasdaq Composite is currently up 20.6% YTD, and on pace for its best performance through the first three quarters of the year since 2023.

The Russell 2000 is currently up 8.9% YTD, and on pace for its best performance through the first three quarters of the year since 2021.

Speaking of history, if the past is any guide, stocks will likely continue their torrid advance during the fourth quarter. Seasonal performance data from Dow Jones show the final three months are associated with the strongest returns of the calendar year.