It’s been a bumpy road for the stock market this year, but investors aren’t complaining.
That’s because markets have rallied to new highs and have already soared past analysts’ 2024 estimates. The S&P 500 has surged more than 10% since January, and last week it surpassed Goldman Sachs’ year-end target of 5,200. So what comes next? The question is weighing heavily on the minds of investors, Goldman Sachs’ strategists wrote in a note Friday.
” The investment bank also presented a more tempered scenario in which the S&P 500 climbs 11% to reach 5,800 by year-end. In this case, markets would just have to catch up to their pre-pandemic valuation levels. Either of these shifts higher, analysts wrote, are dependent on the Federal Reserve’s next policy move. Investors have been worried that the central bank will keep interest rates elevated for longer than previously expected in response to persistently high interest rates.
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