The bull market in stocks could even run on until 2026 if business and fiscal conditions align, one market veteran says.Reuters / Paulo Whitaker
The S&P 500 could be on track to notch a new record next year, according to market vet Phil Orlando.
The Federated Hermes chief stock strategist said the Fed was likely done with its rate hikes.
That means the second leg of the bull market has room to run on into 2024, he predicted.
The bull market in stocks has more room to run, and it could take the S&P 500 to a new high by the end of next year, one market veteran says.
That’s the thesis of Phil Orlando, the chief equity strategist at Federated Hermes. Orlando sees the S&P 500 surging to 5,000 by the end of 2024, representing an upside of around 10% from the benchmark index’s current levels.
“We think that stocks are going to grind higher. They’ve gone from 4100 to 4500. And we think that’s a trend that’s got legs,” Orlando said in an interview with Bloomberg Surveillance on Monday.
His…
2023-11-20 22:19:56
Article from finance.yahoo.com
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