Lee says he believes comments from the U.S. Federal Reserve meeting this week are giving stocks the 'green light' to rally further.
The S & P 500 has further upside going into next year, predicts Tom Lee, managing partner of Fundstrat Global Advisors. He told " Squawk Box Asia " on Thursday that his target for the index heading into 2024 is 4,750 — or nearly 9% upside from Wednesday's close. Lee said he believes that comments from the U.S. Federal Reserve meeting this week are giving stocks the "green light" to rally further. "Our view is that you want to be risk on this year," he added.
"The market fell 5% over the next two trading days," he said, of the period in November. "So I actually think the Fed is not concerned about the equity market here. I think that's why … it's a green light for stocks to continue to rally." In a separate June 14 report, Lee said he would "buy the dip on a hawkish pause" and "buy a 5% pullback in stocks." "The latest BofA Fund Manager Survey shows fund managers massively underweight equities.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock market outlook: Goldman Sachs raises S&P 500 target amid AI boomGoldman Sachs raises its S&P 500 price target for the year as AI booms and the 2023 rally broadens out beyond biggest tech names
Read more »
Stock Market Today: S&P 500 turns lower as Fed leaves rates unchangedDow's off nearly 300 points as Fed points to more rate hikes later this year
Read more »
S&P500 Futures, yields depict cautious mood as US inflation cements hawkish Fed halt expectationsS&P500 Futures, yields depict cautious mood as US inflation cements hawkish Fed halt expectations – by anilpanchal7 SP500 Futures YieldCurve Fed Inflation
Read more »
S&P 500 futures at fresh highs ahead of Fed decisionU.S. stock futures were firmer, leaving the S&P 500 on course for its highest open in 14 months, as traders awaited confirmation that the Federal Reserve's...
Read more »
S&P 500 Index: Year-end target of 4,500 – Deutsche BankEconomists at Deutsche Bank share their S&P 500 Index forecast. Equities should continue to grind higher While the move up in positioning now looks co
Read more »
Humana leads S&P 500 decliners after UnitedHealth says seniors are catching up on pandemic-delayed surgeriesHumana Inc.’s stock tumbled 14% Wednesday, swept up in the downdraft created by UnitedHealth Group Inc.’s disclosure that its senior clients are catching up...
Read more »