A bull market is a financial market condition in which prices are rising or are expected to rise. It is characterized by investor optimism and tends to last for months or even years. The term "bull market" is most often used to refer to the stock market, but it can also refer to the bond, real estate, currency, and commodity markets. Some key characteristics of a bull market include:

• Sustained increases in broad market indexes: A bull market occurs with an increase of 20% or more in a broad market index, such as the S&P 500 or the Dow Jones Industrial Average.

• Investor confidence: Bull markets give investors confidence as they may see more returns with their portfolios.

• Economic growth: Bull markets tend to occur when the economy is growing, unemployment is low, consumers are buying, and investors are optimistic.

• Outperformance of stocks: Stocks tend to outperform other investments like bonds during a bull market.

The opposite of a bull market is a bear market, which is characterized by falling prices and typically shrouded in pessimism. It occurs when stock prices fall 20% or more for a sustained period of time. While there is no specific and universal metric used to identify a bull market, perhaps the most common definition is a situation in which stock prices rise by 20% or more from recent lows.