could jump another 13% to hit a record high by the end of the year thanks to better-than-expected tech and bank stock earnings, according to BMO's investing chief.
Brian Belski said Friday that his base case would see the benchmark index hover around its current level for the rest of the year – but laid out a more bullish scenario where fourth-quarter earnings surprises drive it past its current all-time high of just under 4,800 points. "Our bull case is 5,050 – meaning brand new price highs on the S&P 500," Belski, who is BMO Capital Markets' chief investment strategist, told"What we believe could drive that is surprising earnings growth, especially in the fourth quarter," he added, citing tech, communications, and financials as the three sectors that could post better-than-expected results.in March triggered a crisis for regional lenders.
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