S&P 500 Set to Grind Higher Toward 6,000 Milestone: Survey
- Profits are seen as more important than elections, Fed’s path
- Firms including Tesla, IBM on deck to report results this week
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This year’s furious rally in US stocks is poised to extend into the final stretch of 2024, even as the US presidential election looms as a major wild card, according to the latest Bloomberg Markets Live Pulse survey.
The S&P 500 Index will approach 6,000 by year-end — a record milestone 2.3% above Friday’s close — based on the median estimate from 411 questionnaire participants. Three quarters of respondents expect this earnings season to give the benchmark a boost, and the strength of Corporate America’s results are seen as more crucial for the stock market’s performance than who wins the November vote or even the Federal Reserve’s policy path.