Last year witnessed significant growth in both the stock market and cryptocurrencies, driven by positive developments such as a pause in interest rate hikes, cooling inflation, and strength in the technology sector. The S&P 500 index started 2023 around 3,850 points and ended the year at approximately 4,770 points, with a surge of about 600 points in the fourth quarter alone. The index has continued to grow modestly in 2024.
However, investor optimism has been dampened by recent events, including escalating instability in the Middle East and higher-than-expected inflation figures. This has led to a mixed outlook for the S&P 500 index in 2024. Some analysts, like Oppenheimer and Goldman Sachs, have set bullish targets of 5,200 and 5,100 points respectively. On the other hand, bears like Marko Kolanovic from JP Morgan Chase and BCA Research predict downside risks with potential falls to 4,200 and even as low as 3,300 points respectively.
Major institutions’ forecasts for the S&P 500 reflect their overall outlook for the economy and stock market in the current year. While some are bullish on large American stocks, others warn of both opportunities and dangers or anticipate disappointment in the first half of the year.
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