Joining the bullish bets on the stock market next year is RBC Capital Markets, which expects the S&P 500 to hit a record high next year.
In a note published Wednesday, RBC analysts forecasted the benchmark index to end 2024 at the 5,000 mark, a 10% gain from Tuesday’s close.
“While the November rally (which has seen the S&P 500 rise more than 10% since its October 27th low) has likely pulled forward some of 2024’s gains, we remain constructive on the S&P 500 in the year ahead,” analysts wrote.
RBC’s forecast puts it alongside other Wall Street bulls who see big gains in the S&P 500 next year. On Tuesday, Bank of America also predict the index will hit 5,000, echoing the same year-end target that Phil Orlando, chief equity strategist at Federated Hermes, had set as well.
Source: Markets Insider
