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For those that made it into the office today, below is a look at the S&P 500’s trading pattern on Black Friday over the last 20 years. While the index performed really well on Black Friday from 1996 through 2008, it has traded down more often than not during the current bull market that began in 2009. Over the entire 20 year period, the S&P has averaged a gain of 0.21% on Black Friday, but during the current bull market, the index has averaged a Black Friday decline of 0.24%.