Stocks are set to do something they havent done in nearly three decades | Money [Video]

New York (CNN) — US stocks are about to achieve a feat so rare that it’s only ever happened a handful of times.

The S&P 500 is set to gain over 20% this year after rising 24% in 2023. Back-to-back gains of over 20% would be the best performance for the benchmark index since 1997 and 1998, according to data from FactSet.

It’s an extraordinary event for the modern-day version of the index. (Precursors also racked up that kind of performance three other times, in 1927 and 1928, 1935 and 1936 and in 1954 and 1955, according to a Bank of America analysis.)

Despite fizzling out in December and missing an expected “Santa Claus rally” to close out 2024, markets notched a blockbuster year, building off a strong 2023.

Wall Street saw impressive returns this year as inflation cooled and consumer spending remained strong, while the job market proved solid but slowing. Investors were bullish on strong earnings …