Bank of America's technical strategist believes that despite historically poor September performance, the S&P 500's year-to-date rally positions it for further gains, with the potential for an 8% climb by the end of the year.
Bank of America predicts that the S&P 500 could surge over 25% within the next year based on a bullish indicator, with low long-term profit growth expectations among analysts signaling potential gains.
Stock-market strategists are raising their year-end targets for the S&P 500 Index after being largely wrong about this year's rally, but they still expect a market downturn in 2024 despite signs of a strong economy and improving profit outlook.
Bank of America's head of US equity and quantitative strategy, Savita Subramanian, has raised the year-end target for the S&P 500 to 4,600, citing a bullish outlook and dismissing concerns of a consumer slowdown and Fed rate hikes.
The S&P 500 is expected to reach a new all-time high by mid-2024 as the Federal Reserve is projected to stop raising interest rates, according to JPMorgan strategist AJ Oden. This forecast suggests a minimum increase of 12% from current levels.
Stock-market experts predict the market will gain about 6.5 percent in the next year, with the S&P 500 index climbing to an average of 4,578, despite rising rates and growing economic uncertainty.
