The stock market has been in recovery mode so far in 2023 after being hammered badly last year over concerns about surging inflation and the resulting rise interest rates. The S 500 index is up 24% since hitting its most recent low on Oct. 12, 2022, and some on Wall Street are suggesting that a new bull market is underway.

The stock market's jump this year has been mostly driven by technology stocks, which benefited from the growing craze around artificial intelligence (AI). This explains why the Nasdaq-100 Technology Sector index jumped 39% so far in 2023 as compared to the S 500's 15.5% gains. Tech stocks could head even higher and help the S 500 -- which is less than 10% off its record highs -- hit a new benchmark by the end of the year and usher in a new bull market.

Records going back to 1932 indicate the average bull market lasts for almost five years. They also show the S 500 averages gains of almost 178% in bull markets. Given these trends, now might be a good time to buy tech stocks, especially AI stocks, as they are expected to play a central role in sending the index higher.

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Source Fool.com