A recent survey by CNBC found that most investors believe the stock market will flourish in a second Trump term. But that sentiment could be nostalgic thinking at work because many remember the S&P 500's gains during much of Trump's first four years in office.

The S&P 500 (SNPINDEX: ^GSPC), widely viewed as a barometer for the entire U.S. stock market, has advanced 26% year to date. Enthusiasm about artificial intelligence (AI) has also played a big role in sending the S&P 500 higher.

The U.S. stock market has defied expectations once again in 2024, with the S&P 500 surging nearly 25% and setting nine all-time highs throughout the year. This marks the second consecutive year of significant growth for the index,