1/18/2024 0 Comments Citi global data index"The ability of the Fed to perfectly thread the needle is still questionable," the Citi analysts said. stocks have risen this year against the backdrop of a resilient economy and easing inflation, fueling investor hopes that the Federal Reserve may succeed in bringing down the elevated cost of living without causing a recession. "They better reflect an evolving macro and fundamental backdrop." "No doubt, these new targets will be perceived as chasing the year-to-date move in the S&P 500," the analysts said. That's its highest closing value since April 4, 2022, bringing the index's year-to-date gains to 19.3%, according to Dow Jones Market Data.Ĭiti also raised its mid-2024 target for the S&P 500 to 5,000, from 4,400. The S&P 500 has seen a strong rally so far this year, finishing Friday at 4,582.23. "However, growing conviction in out-year earnings growth acceleration is a key point of differentiation." "Clearly, we are chasing the tape," the analysts said in a Citi Research note Friday. The S&P 500 ended Friday at its highest closing level since April 4, 2022.Ĭitigroup analysts have raised their S&P 500 index target for the end of this year by 600 points to 4,600, a revision they said reflects the increased chances of a "soft landing" for the U.S.
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