Wall Street Is Counting on Stocks to Rally After Election Hurdle

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A growing number of Wall Street strategists are predicting that a decision in the US presidential election will set the stage for stocks to rally into the end of 2024, building on a 21% gain this year for the S&P 500 Index.

Alexandra Semenova, Bloomberg NewsStrategist John Stoltzfus explains whether investors should take action ahead of the U.S. election or wait out for election results.

Of course, it’s anyone’s guess how long it will take to get a clear result after the vote ends Tuesday, for both the presidency and the makeup of Congress. Vice President Kamala Harris and former President Donald Trump have been running neck-and-neck in the polls, which has helped curb risk appetite over the past few weeks.

To Morgan Stanley’s Wilson, the election could serve as a “clearing event” that kicks off a year-end rush into stocks. He sees scope for the S&P 500 to reach 6,100 in that period, a roughly 5.5% gain from Tuesday’s close of 5,782.76. When it comes to the final weeks of presidential election years, how the S&P 500 fares in the days before the decision matters more than which party takes the White House, according to Jefferies strategists led by Andrew Greenebaum.

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