Give it up for the U.S. stock market. The S&P 500 has surged 14.4% from the beginning of the year through June 30, marking one of the strongest first halves of the year in history.

Why it matters: So far 2021 has been riddled with eye-popping moves in a handful of buzzy assets that grabbed everyone’s attention. And yet the stodgy U.S. stock market, propelled by booming earnings, has quietly delivered a fortune for investors.

• Bitcoin exploded and then tumbled.
• Lumber prices went parabolic and then corrected.
• Meme stocks like AMC and GameStop surged, and are actually still at pretty high levels.

Yes, but: None of those come close to having the influence of the stock market.

• The S&P 500 alone consists of over $36 trillion worth of companies, according to S&P Dow Jones Indices analyst Howard Silverblatt.

By the numbers: The S&P has generated better returns only 16 other times since 1950, LPL Financial’s Ryan Detrick observed.

• On average, it gained another 9.7% in the next six months.
• And, it delivered positive returns in 12 of those 16 cases.

What they’re saying: "Strong equity markets tend to stay strong," Fundstrat Global Advisors’ Tom Lee tells Axios.

• "This makes sense in today’s context given the robust economic recovery plus pent-up demand plus substantial corporate operating leverage. This is a formula for markets to surprise to the upside."

Be smart: Assuming history is indeed a guide, then the stock market could be due for a 10% pullback in the coming months.

• All of that said, historical performance is no guarantee of future results.