Bank of America Raises S&P 500 2024 Outlook to Wall Street's Highest

Bank of America's US equity and quantitative strategy team raised its year-end target for the S&P 500 to 5,400 from 5,000, joining other bullish predictions for the benchmark average this year. The optimism is fueled by increased earnings outlook and a more bullish outlook for the US economy, although a pullback is expected. The team also anticipates a broader group of equities to drive the end-of-year rally, with non-tech stocks expected to rebound in the second half of 2024.