Tom Lee said strong earnings, coupled with dry powder still on the sidelines, could power the market rally further with S&P 500 reaching 5,800 at the year end.
Fundstrat's Tom Lee, who's been correctly nailing the stock market for the past few years, hinted that he was about to hike his year-end S & P 500 target even with the benchmark at record highs.
SPX YTD mountain S & P 500 year to date The widely followed strategist stood out as one of the few on Wall Street who correctly foresaw the market comeback from the pandemic sell-off in 2020 and the gains in 2023 and 2024 due to the enthusiasm surrounding artificial intelligence. Lee believes a strong force that could help lift the market is the $6 trillion in cash that's in money market funds. "The market is starved for cash," he said.
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