Strategist Who Called Rally Last Year Sees S&P Soaring to 6,100
- BMO’s Belski raises year-end index target to Wall Street high
- Current market backdrop resembles the mid-1990s, he says
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The stock market’s furious run that has sent the S&P 500 Index flying 20% this year is far from over, according to BMO Capital Markets.
Brian Belski, the firm’s chief investment strategist, raised his 2024 year-end forecast for the US equities benchmark to 6,100 — the highest target among Wall Street targets tracked by Bloomberg — from 5,600 previously. The S&P 500 closed Wednesday at 5,618, and Belski sees another 9% gain for before the end of 2024. The market is already cooperating, with the index rising 1.7% at midday Thursday, putting it on track for a new record closing high.