Oppenheimer raises S&P 500 target to 5500 on 'remarkable resilience' of US economy
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The S&P 500 reached a fresh closing high of 5,178.51 on March 19, 2024, marking a new milestone for the index. This comes after a year-to-date rally of 9.2% and a 23.9% gain in 2023. The U.S. GDP grew by 2.5% in 2023, up from 1.9% in 2022, and the Atlanta Fed GDPNow predicts a 2.1% growth in the first quarter of 2024. The Federal Reserve's pause on rate hikes and the possibility of interest rate cuts this year have also contributed to market optimism .
The S&P 500's recent rally has been driven by the global adoption of artificial intelligence (AI), and several non-tech stocks within the index have performed exceptionally well. In a recent article, Zacks Investment Research highlights five non-tech S&P 500 stocks that have delivered double-digit returns year-to-date. These stocks include ...
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