The Standard & Poor's 500 will end the year near current levels, but strong stock market gains so far in 2024 have some strategists saying the index is at...
NEW YORK - The Standard & Poor's 500 will end the year near current levels, but strong stock market gains so far in 2024 have some strategists saying the index is at risk of a correction in coming months, according to a Reuters poll released Wednesday.
The S&P 500 has gained over 11% so far this year and all three major U.S. stock indexes have risen to records recently, thanks in part to economic data that has eased inflation concerns, fuelling bets that the Federal Reserve will start cutting interest rates later in the year.The poll has the Dow Jones industrial average finishing this year at 40,765 after the index crossed the 40,000 level for the first time last week and closed Tuesday at 39,872.99.
"Most of the gains have already been gotten," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut, who still sees the S&P 500 climbing a bit further to end the year at 5,575.Projections for strong earnings are a positive. Analysts expect overall S&P 500 earnings to rise 10.4% in 2024, LSEG data showed.
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