S&P 500 to set new all-time high in 2023 - Carson Group

The S&P 500 reached its highest point in 14 months.

It is anticipated by the Carson Group that this year will see new all-time highs in the market.

There is uncertainty surrounding the commencement of a new bull market at Bank of America.

On Friday, the S&P 500 reached its highest level in 14 months, just below 4,450. This was due to the 1.2% surge the day before, which was a result of the Federal Reserve's decision to stop its 10-consecutive rate hikes.

The S&P 500 has returned to the same levels it was at when the Federal Reserve began its rate hike cycle in March 2022.

This week, economic data gave the market a boost, leading investors to believe that the Fed is close to finishing its intense rate hike program.

Carson Group, a consulting company, expects that the American index of the broad market S&P 500 will continue to rally in recent months and will reach historical highs by the end of the year, according to RBC.

The S&P 500 index has risen by 15% since the start of the year, and is currently 7.5% away from its historical maximum of 4818.62 points, which was reached on January 4, 2022.

According to the Carson Group, the S&P 500 will be pushed higher due to sustained spending, decreasing inflation, and the conclusion of the Federal Reserve's monetary tightening cycle.

Baird commented that, following the release of more positive U.S. inflation data earlier this week, the market is rising and bond yields are decreasing. Investors do not think the Fed is as aggressive as they had anticipated, and the updated FOMC economic forecasts have led them to believe that the Fed does not have the capacity to raise rates two more times.

TradeStation stated that as the fear of a US recession dissipates, individuals who had been hesitant to invest are now taking advantage of the free money available to them and returning to the stock market.

Bank of America strategist Michael Hartnett believes that the current market situation is more similar to 2000 or 2008, with "a big rally before a big crash," rather than the start of a "new bull market." He is not convinced that the observed increase in shares is indicative of this.