The bull market in stocks is on track to push the S&P 500 to 5,000 by 2024, Bank of America says
Such a rally would represent potential upside of at least 13% for the S&P 500, which traded around 4,400 on Thursday.
In an overlay chart, he compared the bull markets that began in 1950 and 1980 with the current market and found that they"line up" after the solid rally in recent months. "The S&P 500 can continue its winning ways in [the] second half after achieving a solid first half. When the S&P 500 has an above average first half return during Presidential Cycle Year 3, the second half of the year tends to be stronger than the typical second half with an average second half return of 3.9%," Suttmeier said.
"The Presidential Cycle shows an upward bias from the midterm year low until the end of the Presidential Election year," Suttmeier said.
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