This BoFA Analyst Thinks SPX Can Hit 5,000 in 2024

Recent Strong Performance:The S&P 500 has recently shown robust performance, surging to its highest level in over three months, indicating market vitality.
Optimistic Forecast:Savita Subramanian from Bank of America anticipates an all-time high for the broader stock market index, projecting the S&P 500 to reach 5,000 in 2024.
Surpassing Macro Uncertainty:Subramanian and her team believe that investors have moved beyond the maximum level of macroeconomic uncertainty and multiple geopolitical shocks.
Positive Outlook on "Bad News":The team emphasizes that one reason for optimism is their focus on "talking about the bad news," indicating a willingness to acknowledge negative factors but with a positive perspective.
View on the Federal Reserve's Accomplishments:The analysts state that their bullish stance is not based on expecting the Federal Reserve to cut interest rates but rather on recognizing the accomplishments of the Fed. They note that companies have adapted to higher rates and inflation.