Recapping the day's news and newsmakers through the lens of CNBC.
Past performance is no guarantee of future results, as investors have been told over and over. Still, it would be silly not to at least consider lessons from history, and past patterns suggest the odds favor good stock-market gains in 2014.
There have been 17 years since 1950 when the S&P 500 finished up more than 20 percent. In 14 of those occasions, or 82 percent, stocks racked up further gains the following year. In 12 of those 14 occasions, the S&P gained at least 7 percent. The average year-after gain was 11.27 percent, and the median 12.78 percent.
Those figures pale next to the S&P's 28 percent gain so far this year, but returns like that would be pretty good given that in recent years many experts have warned that stock gains might average in the low- to mid-single digits for years to come.