S&P 500 to end 2024 around current levels after strong run
Canada ’s main stock index will take a breather for the rest of this year but is set to notch record highs as metal prices climb and expected lower borrowing costs bolster the outlook for the domestic economy, a Reuters poll found.
The median prediction of 21 portfolio managers and strategists in the May 13-22 poll was for the S&P/TSX Composite Index to advance just 0.1% to 22,500 by the end of 2024, but that is higher than the 21,750 expected in February’s poll.“As we go into 2025, markets will look forward to the positive impact of falling interest rates on the Canadian economy and global economy,” said Macan Nia, co-chief investment strategist at Manulife Investment Management.
“General gains in the global economy have translated into base metal price gains. We see this continuing to benefit the Canadian stock market,” said Philip Petursson, chief investment strategist at IG Wealth Management. By year-end, the benchmark index will be at 5,302, according to the median forecast of 50 strategists polled May 13-22. That is slightly below Tuesday’s close of 5,321.41.
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