After 2023 Miss, Wall Street Caves to Rally Few Predicted
- Flurry of forecasters see S&P 500 topping 5,000 by 2024’s end
- BofA, Deutsche Bank among firms that see record high for index
The outlooks from Wall Street’s soothsayers are a sharp shift from their predictions a year ago.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Wall Street strategists abandoned their usual bullishness heading into 2023, only to get blindsided by a ferocious rally. Now, they’re going back to business as usual for the coming year: predicting another annual gain.
Strategists at Bank of America Corp., BMO Capital Markets and Deutsche Bank AG are among those expecting that the S&P 500 Index will advance again next year, pushing it back over early 2022’s record high. Less optimistic calls from Goldman Sachs Group Inc. and Societe Generale still project equity prices will drift a little higher by the end of 2024, even if they remain just shy of the previous peak.