The past year has been a night-and-day difference for Wall Street. One year ago, historically low interest rates were fueling a boom in growth stocks that seemed to have no end in sight, and the growth-driven Nasdaq Composite (NASDAQINDEX: ^IXIC) was hitting a fresh all-time high above 16,000. Today, the Nasdaq is mired in a bear market thanks to the Federal Reserve raising interest rates at its fastest clip in decades.

While there's little question that a peak 38% decline in the Nasdaq Composite has tested the conviction of growth stock investors, it's also rolled out the red carpet to those with cash on hand and a long-term mindset. After all, every correction, crash, and bear market in the Nasdaq Composite throughout history has eventually been erased by a bull market rally.

Image source: Getty Images.

Continue reading

Source Fool.com