Over the long run, the stock market is a wealth-building machine that's outperformed bonds, gold, oil, and housing on an annualized basis. But over shorter periods, Wall Street can take investors on a wild ride.

Since the summer of 2021, the three major indexes have ascended to new closing highs, as well as stumbled into a bear market. The growth-driven Nasdaq Composite (NASDAQINDEX: ^IXIC) has had what's arguably the wildest ride of all. It shed 33% of its value in 2022 and has come roaring back with a 36% year-to-date gain through July 17, 2023.

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Source Fool.com