Wall Street has had an exceptional year in 2024, with the S&P 500 breaking all-time records and reaching over 5,400 points. This is a remarkable increase of nearly 14% since the beginning of the year. Despite facing challenges such as high interest rates, geopolitical tensions, and inflation fears, Wall Street has shown resilience.
In recent weeks, financial data has been flowing in, and the S&P 500 rebounded by 9% after experiencing sharp declines in April. A recent report from FactSet analyzed the results of companies listed on the world’s largest economy in the first quarter of 2024. The data showed that 79% of companies exceeded analysts’ profit forecasts, higher than the 10-year average of 74%. Earnings growth in the last quarter was also impressive, marking the highest since the first quarter of 2022.
Sectors like communication services and technology stood out for their strong profitability. In fact, analysts see a wealth of opportunities in the market, with 55% of the nearly 1,713 analyst recommendations collected being buy recommendations. The S&P 500 index has even been predicted to reach around 5,900 points by FactSet by year’s end. While some are concerned about rising interest rates and other uncertainties in this economic landscape, others remain optimistic about what lies ahead for Wall Street.
