US markets are rallying again.
The S&P is at 2,091, up 9 points (+0.4%). The Dow is at 18,096, up 66 points (+0.4%).
These are intraday highs for the indices.
There’s not much going on today. There’s no US economic data scheduled for release. Europe is closed for the holidays.
For the most part, the pros remain bullish on stocks. Of the Wall Street strategists followed by Business Insider, the most bearish have been Goldman Sachs, Credit Suisse, and Barclays who all see the S&P 500 topping out at 2,100 in 2015. That’s higher than today’s levels.
Recently, Societe Generale’s Roland Kaloyan warned clients that the US could actually be an underperformer in the world stock market.
“Since 1875, we have never seen the S&P rise for seven calendar years in a row, so an eighth year would seem highly unlikely,” Kaloyan said in a Dec. 17 note to clients. “We assume that the S&P 500 will finish the year slightly down as the strengthening of the US dollar and the new tightening cycle offset the strong US GDP growth already priced-in at the start of the year.”
For now, stocks are up.
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