NEW YORK (AP) — U.S. markets are far outpacing their global counterparts in 2024, continuing a decade-long trend of strong growth compared with the rest of the world.

The S&P 500 is up 10% for the year, compared to just 4% for developed markets outside the U.S. Since 2019 the S&P has gained 48%, compared to just 10% for other developed markets, according to the MSCI, a benchmark of global stocks.

Since 2004, the S&P 500 has nearly quadrupled, while the MSCI is up 48%.