U.S. stocks held near record highs on Monday ahead of a holiday-shortened trading week, as Wall Street wondered whether the bull rally that has rumbled through 2024 has more room to continue.
The tech-heavy Nasdaq Composite (^IXIC) rose 0.6% as the index capped a “perfect” week in Friday’s session with its fifth consecutive record close. The S&P 500 (^GSPC) gained 0.5%, while the Dow Jones Industrial Average (^DJI) erased earlier losses to rise 0.2%.
Stocks have continued to rise as a technology-fueled rally has Wall Street revising its targets for the S&P 500 for next year. Evercore ISI raised its year-end price target to 6,000, while Goldman Sachs raised its target to 5,600. The benchmark index hit the 5,400 level for the first time last week.
With last week’s double dose of inflation reports and the Federal Reserve meeting behind the markets, fewer catalysts are in place to greet investors this week. The highlight will be Wednesday’s retail sales report, which provides a glimpse into the health of the US consumer.
Fed policymakers are likely to continue their chatter after last week’s decision. Minneapolis Fed President Neel Kashkari hinted Sunday that a December rate cut could be the Fed’s only move this year. Investors are pricing in about a two-thirds chance that the central bank will start tapering by September, according to the CME FedWatch tool. John Williams of the New York Fed and Patrick Harker of the Philadelphia Fed are scheduled to appear on Monday.
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