Oppenheimer Asset Management is forecasting a record-setting rally for the S&P 500 by year-end 2024, with some strategists predicting the index will surpass 7,100. The firm’s Chief Investment Strategist John Stoltzfus says fundamentals suggest the economy and stock market will continue to grow into next year.
Stoltzfus points to strong economic growth, a rate-cutting cycle, and improving earnings as drivers of the gains. He also believes artificial intelligence developments will provide a significant boost to the equity market, calling it a “watershed point” for technology and economic progress.
The forecast is more optimistic than peers, with Stoltzfus’s target implying an upside of about 17% from the latest close. While other firms expect modest gains, some strategists now predict the S&P 500 will break above 7,000 for the first time in history by year-end.
Source: https://finance.yahoo.com/news/oppenheimer-stoltzfus-top-p-500-063953215.html