Oppenheimer Asset Management made headlines on Monday by announcing an increase in its year-end target for the S&P 500 to a groundbreaking 5,900, along with a boosted earnings projection of $255 for the index.
Raising the Bar: A New Record High
Oppenheimer's Chief Investment Strategist, John Stoltzfus, revealed the updated forecast, stating, "We're revising our year-end forecast to 5,900 from 5,500 previously." Citing strong S&P 500 earnings and robust economic data backed by the Federal Reserve's responsive monetary policy, Stoltzfus emphasized the bullish outlook for stocks.
Setting the Stage for Growth
To meet the projected year-end target, the S&P 500 would need to rise by approximately 5.9% from its current level of 5,572. With a year-to-date increase of 17.4%, achieving Oppenheimer's target would result in a remarkable 23.3% gain for the full 2024 trading year.
Investing in Success
For investors seeking exposure to the S&P 500's performance, various exchange traded funds and mutual funds provide convenient options. Notable funds include VOO, IVV, SSO, UPRO, SH, SDS, SPXU, FXAIX, VFIAX, and VFFSX.