New York | The S&P 500 is set for a fresh high in 2024 because US companies have adapted to higher rates and weathered macroeconomic jolts, according to Bank of America strategists who join a growing chorus of optimistic Wall Street forecasters.

The team led by Savita Subramanian is bullish on US equities for next year “not because we expect the Fed to cut, but because of what the Fed has accomplished”. “The market has absorbed significant geopolitical shocks already,” they wrote in a note on Tuesday, adding “US exceptionalism is intact”.

Bloomberg