The S&P 500 (SNPINDEX: ^GSPC) is widely viewed as a benchmark for the broader U.S. stock market. The index was introduced in March 1957, but the methodology used to create it can be applied to earlier years to generate back-tested values that predate its conception. For that reason, its proprietor, S&P Global, lists the first value date for the index as Jan. 3, 1928.

Building on that, the S&P 500 just achieved one of its best monthly performances since 1950. The index skyrocketed 8.9% in November 2023, driven higher by encouraging economic data regarding inflation and the jobs market, both of which show signs of cooling. The upshot of those data points is that the Federal Reserve may be done raising interest rates and could be preparing to cut -- as Fed Chair Jerome Powell indicated Wednesday.

The S&P 500's 8.9% return in November is particularly impressive in context. A total of 886 months have elapsed since January 1950, and the S&P 500 has recorded a monthly increase exceeding 8% just 30 times.

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Source Fool.com