U.S. markets are mostly flat in early Thursday trading after the ECB issued a surprise cut to its main interest rate, lowering it from 0.05 percent to 0.00 percent.

The fifth primary rate cut in Europe since the beginning of 2013 is set to go into effect on March 16. U.S. markets have shown little immediate reaction to the decision, but some traders may be wondering what type of impact that ECB rate cuts have had on U.S. equity markets in the recent past.

First off, it’s important to remember that the S&P 500 has been in a bull market now for the past seven years. Therefore, the market has generally produced positive returns over the majority of the 1–6 month periods in recent years.

However, looking specifically at the past five ECB rate cuts, the S&P 500 has averaged…

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