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Citi predicts S&P 500 to reach 5,200 by late 2024

Published Dec 08, 2023 04:21PM ET
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NEW YORK - Citit analysts are expressing optimism for the S&P 500, with forecasts indicating a potential rise to historic highs by late 2024. Market strategists anticipate the index could climb to 5,200, propelled by a shift in Federal Reserve policies and a diminishing inflationary environment. On Friday, they highlighted that the Fed is now prioritizing economic cycle management over stringent inflation control, which has been reflected in financial markets through tighter credit spreads and stronger high-yield bond prices.

However, they have tempered their midyear target to 4,800 amidst concerns of an economic slowdown. Despite these concerns, the U.S. stock market has demonstrated resilience with a nearly 20% increase this year and continues its fourth-quarter rally.

Citigroup's bullish stance on U.S. equities is underpinned by an expected earnings per share (EPS) increase to $245 and broad sectorial earnings growth despite looming recession risks.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Citi predicts S&P 500 to reach 5,200 by late 2024
 

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Comments (1)
Rubbing Hands
Rubbing Hands Dec 10, 2023 11:54AM ET
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sounds like 2 months ago when they were predicting $100. meanwhile they were selling. now they are predicting low oil prices in 2024 as they buy. never listen to these fake news scammers!
 
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