Strategist Predicts S&P 500 Could Reach Record 5,500 on Capitulating Bears and Improving Sentiment

Wall Street strategist John Stoltzfus raised his S&P 500 target to 5,500, the highest on Wall Street, citing capitulation by bears and improved investor sentiment.

Stoltzfus said the shift in sentiment "appears to be supported by needs to invest for the future rather than chase the latest hot pick."

The launch of ChatGPT in November 2022 was a catalyst behind the current bull market.

Recent weeks have seen a broadening of the rally beyond AI stocks into sectors like energy, utilities and housing.

Stoltzfus acknowledges his bullish target may still prove "too conservative" given strong earnings, demographics and economic resilience.