since the S&P 500 found its bottom in mid-October.
Detailed below are the three reasons why Detrick believes the stock market could continue to surprise to the upside and reach new record highs by the end of the year.The S&P 500 traded above 4,400 last week, which puts the index just a few hundred points away from its record January 2022 high of 4,818. At the index's current price level of 4,373, the S&P 500 would have to climb about 10% to establish a new record high.
"The bottom line is we remain overweight stocks and underweight bonds, with new highs this year not very far away for stocks," Detrick said."With some more good news, stocks could absolutely add the 8% that is needed to get back to new highs." And there's precedent for stock market strength to continue into the end of the year after a strong start in the first six months of the year.Detrick looked at the 22 times since 1950 that the S&P 500 was up at least 10% at the end of June. The final six months of the year delivered a median gain of 10% and stocks were higher 82% of the time.
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