Wall Street’s 'crystal ball' shatters as stocks stage big rally

One thing’s for sure: The S&P 500 has already blown through its average year-end price target. Strategists are currently expecting the benchmark to end 2023 just below 4,100, with Friday’s 4,450.38 close leaving it 8.5 per cent above that figure. The last time the gauge traded above the consensus target like this was in the pandemic mania of September 2020, according to data compiled by Bloomberg.

“Bears make you smart — but bulls make you money,” said BMO Capital Markets’ Brian Belski, who recently raised his end-year target to 4,550 from 4,300. “As enticing as it may be to follow the tape and nudge our year-end target higher, we just do not see the fundamental justification for this, yet,” he said.

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Stock market today: Wall Street drifts higher ahead of July 4th holiday in U.S.World shares rose Monday as investors took heart from reports that show inflation is abating, which might enable the Federal Reserve to back away from interest rate hikes.
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