ECONOMIC PULSE
Where is the S&P 500 Headed for the Year-end 2024?
After two years of doubt, Wall Street strategists bet big on U.S. Stocks as the benchmark index powers toward 6,600 amid renewed optimism
Trump’s pick of Hedge Fund manager Scott Bessent as the next Secretary of Treasury is being seen as a force of stability amid other controversial picks for the incoming U.S cabinet. The renewed optimism reflects investors’ opinion that Bessent’s Wall Street background is an advantage, anticipating that he will implement balanced policies and temper the more aggressive aspects of Trump’s agenda.
Bessent has previously discussed the idea of gradually implementing trade levies — a strategy seen as less disruptive to markets and less likely to fuel inflation compared to the aggressive approach Trump proposed during his campaign. This outlook likely contributed to today’s Treasury rally, with 10-year yields dropping to 4.3%. At the same time, the US dollar softened against other currencies, signaling market confidence that Bessent will adopt a more cautious stance on tariffs than his boss.
The U.S. stock market has seen impressive momentum in 2024, with the S&P 500 delivering one of its strongest year-to-date performances in nearly three…
