The group, historically known to have a bullish bent, spent most of this year saying US stocks would end lower in 2023. Instead, the S&P 500 Index rallied 16% in the first half.
Those are bold calls given that the S&P 500 ended Thursday at 4,330. The gauge has flailed since August as traders grow anxious over how the Federal Reserve will deliver an economic soft landing while embracing higher-for-longer interest rates. The bout of weakness came just as strategists at firms including Citigroup Inc. and Goldman Sachs Group Inc. got more optimistic on US equities after failing to predict gains in the first half of the year.The S&P 500 fell 1.
“American businesses and the economy — which in many ways are the same thing — are showing that 5% interest rates are not crippling to earnings or to growth or to an improving economic climate,” Ball said.The latest round of bullish forecast changes comes as Wall Street weighs the impact of trader sentiment on markets.
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