For market sectors, the energy sector posted the strongest gains at 15.6%, followed by consumer staples with 10.2% and financials with 9.8%. On the other hand, telecom services was the worst performing sector with a 6.1% decline, followed by materials at a slight 0.7% increase and information technology at a 0.9% rise.
Additionally, the S&P 500 has also been a good predictor for the next presidential winner, according to Stovall. Whenever the index rose between July 31 through October 31, the incumbent has usually been re-elected, with an 88% accuracy rate since 1948.
For more information on the broad market, visit our S&P 500 category.
Max Chen contributed to this article.