Oppenheimer is bracing for more upside ahead for the S&P 500 with the presidential election now on the backburner.
Oppenheimer sees for more upside ahead for the S & P 500 with the presidential election now on the backburner. The firm lifted its price target on the broad index to 6,200 from 5,900, reflecting 3.5% upside from Friday's close. The index has rallied about 26% year to date, with the target reflecting the third adjustment from the firm. The target also reflects the highest on Wall Street, per CNBC Pro's Market Strategist survey.
SPX YTD mountain S & P 500's year-to-date performance According to Stoltzfus, last week's election helped rid the market of lingering uncertainties and ushered in a "sigh of relief rally." The S & P 500 surged more than 4% last week, marking its biggest weekly advance in over a year. The benchmark also hit a record above 6,000. Those gains came as President-elect Donald Trump's electoral victory stoked hope for deregulation and lower taxes.
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