Oppenheimer chief investment strategist John Stoltzfus now sees the benchmark index ending the year at 5,500, reflecting a roughly 5% increase from Friday's close. The call comes after a surge in stocks pushed the benchmark index past his initial target of 5,200 less than three months into the year.this year with a bias leaning toward the possibility of two cuts.
While stocks' run higher has raised questions of whether the market is in a bubble, strategists have countered that the"We’re not saying that there’s not some fast players on the move in the day to day and week to week action or deny that some froth exists in some corners of the market but rather that the hot market stuff thus far looks to have been offset by a broadening of the current rally across sectors, styles, and market capitalizations," Stoltzfus said.
FILE PHOTO: The Charging Bull or Wall Street Bull is pictured in the Manhattan borough of New York City, New York, U.S., January 16, 2019. REUTERS/Carlo Allegri/File PhotoBoeing CEO to step down in broader management shakeup after blowout of a panel on a 737 Max Boeing CEO David Calhoun will step down from the embattled plane maker at the end of the year as part of a broader management shakeup after a series of mishaps at one of America's most storied manufacturers. Stan Deal, president and CEO of Boeing's commercial airplanes unit, will retire immediately, with Stephanie Pope, the company's chief operating officer, will lead the division. The company said board Chairman Lawrence Kellner does not plan to stand for re-election in May.
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