Wall Street just wrapped up a strong year, leaving investors to wonder what’s the next step they need to take for a successful 2024. The S & P 500 rose 24% in 2023, ending the year just shy of a record closing high. The Nasdaq Composite outperformed, rallying 43%, its best showing since 2020. The Dow Jones Industrial Average gained 13.7% after reaching an all-time high this year. Strategists at the major Wall Street firms are divided over where the market will go in 2024. The highest S & P 500 target on the Street calls for 8.7% upside from Thursday’s close. The lowest target implies a decline of 12%, according to CNBC Pro’s Market Strategist Survey . There are also concerns over whether a recession will take place. A December survey from the National Association for Business Economics revealed that 76% of economists believe the chances of a recession in the next year is 50% or less. .SPX mountain 2022-12-30 SPX in 2023 Larry Adam, chief investment officer at Raymond James, also said his base case for 2024 is for a “mild recession.” However, Former Dallas Federal Reserve President Robert Kaplan told CNBC on Dec. 26 that there’s a “good possibility” the U.S. avoids a recession altogether in 2024, while Bank of America said recently that the Fed could successfully pull off a soft landing . Against this backdrop, CNBC Pro asked three strategists and money managers how they would allocate $50,000 going into the new year. Here’s what they said. Buy into semiconductor and medical equipment makers Steven Wieting thinks that a myriad of opportunities await investors next year as the rally seen in 2023 broadens out. In other words, investors who may feel that they missed the boat in October have no reason to worry. “What we expect in the coming year is that equities will be rewarding. It’s much more likely to be a smaller gain, but much broader participation,” the chief investment strategist at Citi Global Wealth told CNBC. “There are a lot more companies that will post…
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