The Strategist

Wells Fargo expects S&P 500 to rise to 5,700 points in post-election rally



06/04/2024 - 11:08



Wells Fargo strategists believe that the S&P 500 index may rise as high as 5,700 points during the surge following the US presidential election this autumn.



Taber Andrew Bain
Taber Andrew Bain
The indicator's value at the end of trade on June 3 was 5,283.4 points; this means that the bank's analysts' prognosis calls for growth of about 8% from the current level.

"Compared to previous election years, the S&P 500 index has performed well so far in 2024," Jeremy Folsom, an investment strategy analyst at Wells Fargo, stated. "However, given past performance and our predictions, we see significant upside going forward into 2025."

According to him, this will cause the index to hit a record of 5,700 points by the end of the next year.

The S&P 500 saw a 47.5% increase in value in 2020–2021 following the 2020 US presidential election. Based on comparable timeframes for the previous three elections, the Wells Fargo Investment Institute calculated that the index increased by 41.8% on average.

The S&P 500 has increased by almost 11% over the course of 2024.

source: bloomberg.com




More
< >

Monday, June 10th 2024 - 03:26 Global chip sales up 15.8% year-on-year in April

Wednesday, May 29th 2024 - 09:59 FT: Sea freight prices approached their January peak