When you looking at the overall performance of the S&P500, Edward Yardeni, president of Yardeni Research, told BNN Bloomberg in an interview on Friday that plenty of industries within the index have performed well and he doesn’t foresee the recent banking sector turbulence as a threat that will last.
“Once there’s more confidence that the banking crisis hasn’t morphed into an economy-wide credit crunch, I think the market goes higher,” he said. At this point, he believes the markets are looking beyond the pessimistic forecasts and looking well into 2024, which he believes will be a good year for investors. Yardeni is calling for the S&P500 index to reach 4,600 points by the end of 2023. The index traded at 4,130.62 as of early morning trading on Friday.