'The market is not paying enough attention to this third year of the presidential cycle,' says strategist Joe Terranova.
The third year of a presidential cycle tends to be a very strong time for the stock market — so if history is any indicator, the 2019 bounce back to record highs with Donald Trump in the White House could very well be here to stay.
Terranova said the first two years for presidents tend to underperform and stocks get moving in the second half of their four-year terms. Since 1949, the average annual return for the index in the third year of a presidential cycle is 16%, according to Schaeffer's Investment Research. The S&P 500 on Tuesday saw its first record closing high since September 2018, before the market stumbled late last year. As of Tuesday's close, the index was up 17% year-to-date.
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