The stock market's strength in 2023 is giving BMO Capital Markets reason to turn more bullish.
The stock market's strength in 2023 is giving BMO Capital Markets reason to turn more bullish on the setup going forward. Chief investment strategist Brian Belski lifted his target for the S & P 500 to 4,550 from 4,300 as overhanging worries from 2022 ease and the market shows signs of resilience. "Through five months of the year, it has become increasingly clear to us that stock market resilience is here to stay," he wrote in a Monday note to clients.
But even after a slew of significant rate increases, signs point to easing inflation and a strong and a resilient labor market, Belski said. .SPX YTD mountain S & P 500's 2023 performance "In other words, we believe the anticipated recipe for disaster is simply not present," he wrote. "So, from our perspective, all the worries that damaged 2022 market performance are slowly beginning to subside." To be sure, markets aren't out of the woods just yet.
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