S&P 500 to break above 5,700 in the second half of 2024, Ned Davis Research says

The firm's 5,725 price target is among the highest on Wall Street.

Historical post-election market gains could lead the S & P 500 even higher by the end of the year, according to Ned Davis Research. Ed Clissold, chief U.S. strategist at the firm, raised his year-end S & P 500 target to 5,725 from 4,900 . The new target suggests that the broad market index can rise more than 4% from its current levels and would lead to a year-end gain of 20%.

"A potential explanation is that this is the first time since 1892 that both major parties' nominees have occupied the White House, reducing uncertainty around primaries and potentially pulling year-end election relief rally returns forward," Clissold said. In addition, the strategist raised his operating earnings per share growth forecast to 8.5% from 6.5%. He is also anticipating that the Fed will begin cutting rates in December.

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