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Stock market outlook improves as bad news already priced into stocks: BofA

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Bank of America raises its S&P 500 price target and says the outlook is 'glass half full' as bad news is already priced into stocks

price target to 4,300 from 4,000, representing potential upside of 3% from current levels. While those gains aren't much to get excited about, it would imply a fully year 2023 gain of 12%.

The Federal Reserve has hiked interest rates by 500 basis points in about a year. That, combined with the ongoing, has put a lot of investors on edge, in part seen by the S&P 500's near 20% decline in 2022.

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