The Strategist

Bloomberg expects record high U.S. stocks in 2024



12/12/2023 - 09:17



The S&P 500 index is expected to hit a record high in 2024, according to respondents to Bloomberg’s survey.



negativespace.co
negativespace.co
As long as the United States stays out of recession, the S&P 500 Index will hit a record high in 2024, according to respondents to a Bloomberg Markets Live Pulse survey. They believe this will occur even though the agency acknowledges that weaker consumer demand will cause the index to expand at a slower rate than it did in 2023, when it climbed by 20%.

518 experts surveyed by Bloomberg expect the S&P 500 to grow to 4,808 points in 2024, from its previous top of 4,797 points in January 2022.

At the closing on December 8, the S&P 500 had gained 0.41% to reach 4604.37 points, its highest level since March 2022. Despite being at a record high, analysts' average forecasts for the index are only expecting a 4% increase from its present levels—far less than the typical 19% surge seen in a year of increases, according to Bloomberg.

Previously, analysts at RBC Capital Markets, Bank of America and Deutsche Bank made their bets on the S&P 500 hitting its peak in 2024. On the other hand, BofA analyst Michael Hartnett cautioned that stock markets would see difficulties in the first quarter of 2024 due to the fact that rising bond values and, consequently, falling bond yields would signal a slowdown in economic development.

source: bloomberg.com

 




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