Fundstrat Global Advisors is one of the more bullish outfits around, and the investment firm is now even more optimistic about the stock market.
The firm raised its year-end price target for the S&P 500 SPX, +0.74% to 4,800 from 4,700, which would be a 6% gain from Tuesday’s close of 4,519.63.
The year-end seasonal pattern is strong after October, they noted. Bitcoin BTCUSD, -0.31% rallying to new highs is a signal of a strong risk-on environment. The strategists also argue COVID-19 is tracking better than consensus fears, and economic resilience remains strong. The improvement in market technicals, such as the clearing of the 50-day moving average, “is actually suggesting that underlying trends are getting stronger.”
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Futures point to further Wall Street gains as earnings season rolls onU.S. stock futures pointed higher Tuesday, extending gains after the largest four-day stretch of gains since late July for both the S&P 500 and Nasdaq...
Read more »
Bet on these stocks with pricing power this earnings season, Bank of America saysCompanies with pricing power tend to weather inflationary periods better than competitors because they can pass on higher costs to customers by hiking prices.
Read more »
Tesla price target upped to $900 at B. of A. SecuritiesAnalysts at B. of A. Securities on Tuesday tweaked their price target on Tesla Inc. undefined stock to $900, from $800, ahead of the electric-car maker's...
Read more »
How America's 1% build their wealthDemocratic lawmakers keep wrangling over the contents and price tag of a social safety-net package that would be funded by tax hikes on wealthy taxpayers.
Read more »
Here's when soaring oil prices could make the stock market sputterSurging oil prices may account for the stock market's sideways performance since early September, says one Wall Street analyst.
Read more »