S&P 500 has entered a bull market, but Wall Street can't decide if it's real

. The US now has a 70% chance of tipping into recession by May 2024, per the latest projections from the New York Fed – an event that could easily throw the rally in stocks to the wayside.

Meanwhile, rising interest rates over the past year are tightening financial conditions, making recession more likely. And though central bankers kept rates steady at their policy meeting on Wednesday, officials suggested more"This market continues to be nothing more than a short-term momentum play," Rosenberg said in a recent note."You can believe the press headlines or you can believe the leading indicators — which suggest that we do indeed have a 99.

"This recent bull market move is no guarantee we are out of the woods from the downturn," Siegel said in his

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Stocks end sharply higher, S&P 500 scores longest win streak since 2021U.S. stocks booked big gains on Thursday, a day after the Federal Reserve skipped a June rate hike, but indicated more increases could be on the table this year. The Dow Jones Industrial Average jumped about 430 points, or 1.3%, ending near 34,409:
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Fundstrat's Tom Lee shares his S&P 500 target for 2024 and names stocks to buyLee says he believes comments from the U.S. Federal Reserve meeting this week are giving stocks the 'green light' to rally further.
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