Alaska man arrested for threatening six US Supreme Court justices
Hershey Co lays off some workers this week
JPMorgan names heads for healthcare, tech investment banking
Israeli soldiers pushed three apparently lifeless bodies from roofs during a West Bank raid
Dolphins dying again in Amazon lake made shallow by drought
German tax revenue rose by 5.3% in August
Cat travels over 1,000 miles back home after going missing in Yellowstone
Feathered firefighter: Lost duck finds home at Tuscaloosa fire station
Halloween shoppers hunt for early deals while total spending eases, survey shows
NEW YORK (Reuters) - BMO Capital Markets on Thursday said it was raising its S&P 500 target for 2024 to 6,100 from 5,600.
The benchmark index was last at 5,720, up 1.8% on the day, following Wednesday's Federal Reserve decision to kick off its monetary easing cycle with half-a-percentage point reduction.
"Much like our last target increase in May, we continue to be surprised by the strength of market gains and decided yet again that something more than an incremental adjustment was warranted," according to a note from Brian Belski, BMO's chief investment strategist.
"This is particularly true when YTD gains are put into a similar historical performance pattern context, which suggest a stronger-than-normal 4Q is likely in store for the market and especially since the Fed has shifted to easing mode," he added.
BMO made no changes to its S&P 500 EPS target.
(Reporting by Caroline Valetkevitch; editing by Diane Craft)
