Content and data provided by various third parties and Fidelity - Terms of Use
Print.Print
Small font size A Larger text size A Largest text size A

BMO raises S&P 500 target for 2024 to 6,100 from 5,600

BY Reuters | ECONOMIC | 09/19/24 03:22 PM EDT

NEW YORK (Reuters) - BMO Capital Markets on Thursday said it was raising its S&P 500 target for 2024 to 6,100 from 5,600.

The benchmark index was last at 5,720, up 1.8% on the day, following Wednesday's Federal Reserve decision to kick off its monetary easing cycle with half-a-percentage point reduction.

"Much like our last target increase in May, we continue to be surprised by the strength of market gains and decided yet again that something more than an incremental adjustment was warranted," according to a note from Brian Belski, BMO's chief investment strategist.

"This is particularly true when YTD gains are put into a similar historical performance pattern context, which suggest a stronger-than-normal 4Q is likely in store for the market and especially since the Fed has shifted to easing mode," he added.

BMO made no changes to its S&P 500 EPS target.

(Reporting by Caroline Valetkevitch; editing by Diane Craft)

More Fixed Income News

All Fixed Income News

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

© 1998 – 2014 FMR LLC.

All rights reserved.
fir_news_article