After a surprisingly strong rally in the first half of 2023, BMO Capital Markets remains bullish.Here are six stocks for investors to consider in the second half of the year.
The S&P 500 seems destined to build on its 15.9% rally in the first half of the year, even though BMO's year-end price target of 4,550 suggests the index has just 2% upside from current levels. In its bull case, the firm thinks the S&P 500 could climb another 13.5% to end the year at 5,050., US stocks got momentum in mid-March that carried into the second quarter.
Historical precedent is another reason to be upbeat about stocks. BMO's researchers found that after a positive first half, the S&P 500 has risen in the second half of the year 78% of the time by an average of 6%, according to data dating back to 1950.The so-called"sweet spot" for the S&P 500 is a gain of between 10% and 15%, Belski wrote, as it rose in the second half in all 13 of those scenarios and climbed by another 11%, on average.
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