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  • Writer's pictureRealFacts Editorial Team

S&P Hits 31st Record High This Year


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The S&P 500 has experienced 31 record closing highs year-to-date. As of June 18, 2024, the index reached a peak of 5,490.38, reflecting the overall strength and resilience of the U.S. stock market during this period. These gains can be attributed to several factors, including a strong earnings season, optimism about future rate cuts, and a resilient economy. Additionally, the market is buoyed by the ongoing AI boom, where major players like Nvidia are serving as catalysts for broader market conditions. 


Several major firms anticipate that the recent market gains will persist and subsequently have recently increased their price targets for the popular index. Goldman Sachs has increased its year-end target for the S&P 500 Index in 2024 from 5,200 to 5,600. The firm cited strong earnings growth from five large-cap U.S. tech stocks and a higher fair value price-to-earnings ratio as reasons for the increase. 


Additionally, according to a recent forecast from Evercore ISI, the stock market is expected to see another large surge by the end of this year. Evercore strategist and managing director Julian Emanuel raised his year-end price target for the S&P 500 to a new Wall Street high of 6,000. In a note released on Sunday, Emanuel highlighted the ongoing "AI revolution," which he believes is still in its early stages and will drive continued earnings growth. He forecasts S&P 500 earnings per share (EPS) to grow by 8% in 2024 and 5% in 2025. With the possibility of further gains by the index, investors should closely monitor market trends leading up to the end of 2024.

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