The Wall Street arm of the French bank now anticipates the S&P 500 could climb another 5% to 5,500 by the end of this year thanks to 'rational optimism.'
Societe Generale is raising its 2024 S & P 500 target thanks to the enthusiasm surrounding the contribution artificial intelligence will make to corporate profits. The Wall Street arm of the French bank now anticipates the S & P 500 could climb another 5% to 5,500 by the end of this year, up from a target of 4,750 previously, according to a Wednesday note from the firm.
" The upgrade comes after the Federal Reserve on Wednesday kept rates unchanged, and maintained an outlook for three rate cuts this year, a relief to investors who worried the central bank could turn more hawkish. The decision gave tech stocks in particular the green light to continue their rally. All three major averages notched record closes on Wednesday.
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