BMO - S&P 500 To Soar 12% And Reach New Record Highs In 2024 Defying Recession Threat: BMO Strategist | Benzinga
BMO’s chief investment strategist, Brian Belski, predicts a strong performance for the stock market in 2024, even in the face of a potential recession.
What Happened: Belski has set a 2024 year-end S&P 500 price target of 5,100, signaling a potential 12% upside from present levels, reported Business Insider. A combination of factors such as declining inflation and interest rates, a robust job market, and climbing corporate earnings are expected to drive the stock market in the coming year.
Belski’s prognosis indicates a “normal and typical” year for the stock market in 2024, with gains being evenly distributed across sectors and sizes. This is in stark contrast to the tech-dominated gains of the current year. He also foresees a mild recession for the coming year, which he describes as “in name only”. If this recession is successfully averted, it could potentially push the S&P 500 even higher, possibly reaching around 5,500 in his bullish scenario.