Stocks kicked off the month of December with a losing streak, but despite the bumpy start — the Dow Jones Industrial Average shed more than 500 points in the first two trading days of the month — 2020 could be another big year for stocks, if history is any guide.

The markets soared heading into the final month of the year, with the S&P 500 gaining over 25% in the first 11 months of 2019. Since 1990, the S&P 500 has gained at least 20% from January through November on six other occasions, and following those years, the U.S. stock market boom continues across all three of the major domestic equity indices.

The S&P 500, Dow and Nasdaq Composite have turned in big years — measured in the December to December annual period — 100% of the time after similar S&P 500 gains through November. The S&P and Nasdaq gains have averaged above 18%, while the Dow has posted an average gain of 15%.

Of course, past performance does not guarantee future results. With the 2020 presidential election on the horizon, this time could be different.

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