Bank of America Says the S&P 500 Will Hit a New Record High in 2024

Tip Ranks ^ | 12/07/23 | Michael Marcus

[SeekAndFind]

This has been a good year for stocks, no doubt about that. The has gained 19% year-to-date, after a gangbusters November, and the outlook for December, while more moderate, remains positive.

The markets have made these gains despite a strong set of headwinds, including the Federal Reserve’s turn to a policy of aggressive monetary tightening and interest rate hikes; the ongoing war in Ukraine; and now the flare-up of war in the Middle East. This stock rally is showing real strength, and the Street is now taking seriously the possibility of a ‘soft landing’ case, with inflation falling to the Fed’s target rate of 2% in the coming year.

That’s fueling some improvement in investor sentiment – and a brighter outlook from the experts. Writing from Bank of America, market strategist Savita Subramanian says in a recent note, “We are past maximum macro uncertainty… We’re bullish not because we expect the Fed to cut, but because of what the Fed has accomplished. Companies have adapted to higher rates and inflation.”

Putting some numbers to the sentiment, Subramanian is predicting that the S&P will hit 5,000 during 2024 – a new record high, and some 9.5% above its current level.

[GOPJ]

You’re right on this...

[bert]

I call BS

All three averages are far off their former highs

[pas]

S&P 500 is only around 200 off the Dec 2021 high.

[napscoordinator]

I can’t believe how much I’ve made this year. It’s astonishing. I thought this was going to be a down year. Next year needs to have a correction at least.