Wall Street just gave its highest forecast yet for the S&P

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Brian Belski News

Stock Market,Market Momentum,Wall Street

BMO Capital Markets chief investment strategist Brian Belski sees the S&P 500 ending 2024 at 5,600 as stock momentum is 'likely to persist.'

to 5,600 from 5,100 in a research note on Wednesday, noting that momentum in the market is "likely to persist." Belski's 5,600 target reflects about 7% upside from Monday's close.

, investors are now pricing in roughly two interest rate cuts this year, down from a peak of nearly seven in early January, per Bloomberg data."It has become clear to us that we underestimated the strength of the market momentum, particularly considering that investor expectations and Fed policy guidance have become essentially aligned vs. the significant disconnect that existed at the beginning of the year," Belski wrote.

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