In 2017, the S&P 500 Index ("index") did not register a single down month on a total return basis, which includes reinvested dividends. That is not typically the case. 

In 12 of the past 13 calendar years (2008-2020), which includes the 2008-2009 financial crisis, the index endured no less than two negative total return months and as many as eight (see table). 

As of the first half of 2021, the S&P 500 Index has endured just one down month, and that was in January. 

In 2020, there were five down months and the -12.35% total return posted in March marked the largest monthly decline for any year in the table following 2008. Despite the five down months, the index posted a total return of 18.40%.

From 2008 through 2020, the S&P 500 Index endured a loss in 50 of the 156 months on a total return basis, or approximately 32.1% of the time. Over that same period, the index posted an average annualized total return of 9.77%, according to Bloomberg. 

For comparative purposes, from 1926 through 2020, the S&P 500 Index posted a loss in 25 of the 95 calendar years on a total return basis, or approximately 26.3% of the time, according to data from Ibbotson Associates/Morningstar. Over that same period, the index posted an average annual total return of 10.28%.

Stock prices don't rise in a straight line. Investors are going to encounter some turbulent times along the way. Remember, the S&P 500 Index has never failed to fully recoup any losses sustained from corrections or bear markets over time. 

A Bloomberg survey of 22 equity strategists found that their average 2021 year-end price target for the S&P 500 Index was 4,242 as of 7/16/21, up from 4,213 on 6/16/21, according to its own release. The highest and lowest estimates were 4,601 (up slightly from 4,600) and 3,800 (unchanged), respectively. The S&P 500 Index closed at 4,358.69 on 7/21/21, 0.59% below its all-time high set on 7/12/21.

Brian Wesbury, Chief Economist at First Trust Advisors L.P., has a year-end price target of 4,500.