S&P 500 Index Marks a Fresh All-Time High
The broader S&P 500 Index, which many considers as the barometer of the US economy, has recently marked a fresh all-time high. In the past couple of weeks, the index had actually hit a resistance and then consolidated under its previous peak of 4,796 following the higher-than-expected CPI report in the US for the month of December which supposedly supported a higher for longer interest rates. Nonetheless, the index’s ability to just tighten below the said resistance indicated that it was gearing for an upside swing. Just last Friday, the index has indeed cleared the 4,796 to mark a fresh all-time high of 4,839. This upside break not only confirms but may also extend its ongoing bull run to an estimated target of 6,000. The rise in US equities (to new highs) that can also be seen in the Dow Industrials and Nasdaq-100 highlights the market’s belief of a likely Federal rate cut soon. Of course, such will also bode well for emerging markets like the Philippines.
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*Consensus target price or average target price given by the major foreign and local brokers of various stocks on top of index names are available in our Equity Advisor!
