The stock market's bull rally is 2 years old. Here's what tends to happen next.

• The stock market has surged since October 2022, with major indexes posting strong gains.

• With the bull market in stocks now two years old, investors are wondering how long the rally can last.

• According to stock market experts, the answer is: a lot longer.

The stock market bottomed on October 12, 2022, marking two years since the start of the ongoing bull rally.

Since then, the Nasdaq 100, S&P 500, and Dow Jones Industrial Average have posted impressive gains of 88%, 62%, and 46%, respectively.

A resilient job market, lower inflation, and continued corporate earnings growth helped push the stock market higher over the past two years.

So, what's in store for the bull market from here?

Here's what market experts told Business Insider about what history says about the bull market's future as it enters its third year.

Freedom Capital Markets, Jay Woods

Chief global strategist Jay Woods of Freedom Capital Markets said what's most telling about the current bull market is that very few believed in it in the beginning.

"I think it's important to preface it with when it started, no one believed it. They just thought it was a bear market rally. And then they doubted that it had legs, and then it was just seven stocks," Woods told Business Insider.

He added: "And now, all of a sudden, it is powerful. And I think the momentum is continuing. You got the rate cycle, you got broadening out, we have wind at our sails, and this bull market should last at least another 12, maybe 18 months."

Woods said he is encouraged that market leadership is diverse and no longer concentrated in mega-cap technology companies. A recent example is the rotation into utility stocks, which have surged on the AI power demand narrative.

A common Wall Street expression is "rotation is the lifeblood of a bull market," and that appears to be playing out.

"It's good to look back and celebrate two years, but it still feels like the party is just beginning," Woods said.

Carson Group, Ryan Detrick

According to Carson Group chief market strategist Ryan Detrick, the bull market in stocks is still young.

"Although many might think this bull market has gone too far and is getting old, that isn't the case at all. If you look back at history, bull markets last more than five years on average, making this one at two years actually young," Detrick told Business Insider.

Detrick said that while he sees more gains ahead, he doesn't expect another big year for returns like in 2023 and so far in 2024, with the S&P 500 delivering gains of 24% and 22%, respectively.