Daily Management Review

BMO Capital Markets analysts expect S&P500 to add 5100 points in 2024


BMO Capital Markets analysts forecast that the S&P 500 index of US stocks will remain mostly unchanged until the end of 2023 and increase to 5100 points in 2024, reports MarketWatch.

2018 Advantus Media, Inc. and QuoteInspector.com
2018 Advantus Media, Inc. and QuoteInspector.com
At Tuesday's closing bell, the indicator had a value of 4554.89 points. Experts therefore predict a rise of roughly 12% from the current level.

From October 2022, when the S&P 500 last recorded a low, it rose by 27%. BMO researchers determined that, based on data spanning about 60 years, a rise typically ensues for the next 18 months after the stock market has appreciated by more than 20% from its previous low.

According to Brian Belsky, chief investment strategist at BMO Capital Markets, "The exception was the early 2000s, when the market was recovering from the collapse of the tech bubble and the aftermath of the 9/11 terrorist attacks - periods that we don't think the current market environment resemble."

He thinks there is overblown concern about the Federal Reserve's monetary policies, the implications of diminishing business profits, and the possibility of a recession in the US economy.

source: marketwatch.com