One of the remarkable things about this year in the stock market has been how little volatility we've experienced in a time of such strong growth. A lot of bull markets are characterized by exceedingly bumpy rides, as stocks lurch backward and forward along their upward path.
We saw a lot of that in the early days of this bull market. Between 2007 and 2012, the median number of days per year in which the Dow Jones industrial average moved by more by 2 percent was 42. This year, there have been only four such days. There have been just 24 days when the Dow has moved by even 1 percent or more, which is the fewest since 2006. In 2011, there were 89 such days.
Perhaps most thankfully, we haven't had one of those really terrible days in a long while. The markets haven't seen a 10 percent drop since the summer of 2011.
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