On 2nd July 2024, the S&P 500 reached a significant milestone, closing above 5500 for the first time in its history.
This impressive achievement has prolonged the blistering rally of 2024, during which the index has reached 32 record highs. Since July 2023, the S&P 500 index has surged by more than 1000 points.
The rise in U.S. equities has been propelled by robust corporate earnings, the artificial intelligence (AI) boom, and the anticipation of interest rate reductions. Although some analysts warn that the market might be stretched too far, others are forecasting additional increases.
Many analysts have now raised their target for the S&P 500 to end the year at around 5700.
One year S&P 500 chart July 2023 to July 2024
