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Zhitong Finance APP learned that the stock market has been volatile this month, and the S&P 500 has rebounded strongly from the downturn in early August, with the most significant upward fluctuations since last year. According to data from independent research firm CappThesis, the S&P 500 has risen by at least 1% in a single day five times in August, which is the most in a single month since June 2023.

Frank Cappelleri, founder of CappThesis, pointed out in a report on Tuesday that the recent series of "large fluctuations" in the S&P 500 index stemmed from its rebound from the sell-off in early August, with gains in 8 of the 10 trading days since August 6. In this round of gains, although large-cap growth stocks led the gains, they were not the only winners, and other sectors also rose.

The sharp rebound in the S&P 500 has turned the U.S. large-cap index into positive territory in August, helped by the latest economic data that eased investor concerns about a weak labor market earlier this month. For example, last week's July retail sales report from the U.S. Commerce Department showed stronger data than Wall Street expected, which also boosted market sentiment.

Cappelleri said he was “pleased” with the S&P 500’s five sharp gains in August, “considering that they were in response to a near 10% decline prior to that.” However, he also mentioned that “a return to calmer trading conditions will pave the way for more bullish patterns.”

The S&P 500 rose 1% on Monday, marking its eighth consecutive day of gains, the longest winning streak since Nov. 8, 2022, according to Dow Jones Market Data. Although the S&P 500 fell 1% at one point on Tuesday, it is still up 1.5% in August, according to FactSet.

Despite the twists and turns in August, the U.S. stock market as a whole remains in a strong bull market.

As of Tuesday afternoon, the S&P 500 has risen 17.5% so far in 2024, and it surged 24.2% for all of last year. The S&P 500 closed Monday just 1% below its all-time closing high of 5,667.2 set on July 16, according to Dow Jones Market Data.