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As the markets test a key level, history suggests there's more upside ahead

Nia Warfield

The new year rally now hangs in the balance as the S&P 500 sits right between its all-time high and December low. On Tuesday, all three major stock indexes notched their second-worst daily decline of the year after China, the world's second largest economy, posted its lowest annual growth rate in nearly three decades. At Tuesday's close, the S&P 500 was less than 11 percent from its all-time intraday high of 2940.91 made last September and up nearly 12 percent from its intraday low of 2346.58 from the end of December.