Fundstrat's Tom Lee Predicts S&P 500 Could Climb To 7,300 In December: Report
Synopsis
Lee also cited the end of the Federal Reserve’s quantitative tightening program, effective December 1, as a tailwind for U.S. equity markets.
Tom Lee, Managing Partner at Fundstrat Global Advisors, reportedly predicted on Monday that the S&P 500 index could rally by nearly 7% from current levels, reaching up to 7,300 in December.
During an interview with CNBC, Lee stated that he remains bullish on equities and cryptocurrencies into year-end. “I think the biggest tailwind that’s going to emerge in the next couple of weeks is around the central bank. The Fed is set to cut in December,” Lee said.
He also listed the end of the Federal Reserve’s quantitative tightening program, effective December 1, as a tailwind for U.S. equity markets. Minutes of the Federal Open Market Committee’s (FOMC) October meeting revealed that “almost all” policy makers supported the central bank’s plan to halt the drawdown of its balance sheet from December 1.
Get updates to this story developing directly on Stocktwits.<
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.