S&P 500 up 27% as AI stocks surge, bonds near zero return

The S&P 500 rose 27% in 12 months as AI stocks led gains, outperforming the Nasdaq Composite's 39% climb. U.S. long-duration bonds in the iShares 20+ Year Treasury Bond ETF (TLT) returned near zero over the same period. Stocks beat bonds in the 95th percentile of 50-year 12-month performance. S&P 500 companies reported 28.6% earnings growth last quarter, with 85% beating estimates. Analysts now project 22.