The phrases bull market and bear market are among the many terms used in financial market parlance; they refer to periods of rising and falling prices, respectively. The term bull market has been arbitrarily defined as a period of rising prices uninterrupted by a price drop of 20% or more. At the end of the third quarter of 2017, US stocks had enjoyed over 8.5 years without a 20% correction, making it the second longest bull market since the Great Depression.
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