UBS ratchets up S&P 500 outlook on positive economic data

Strategists Jonathan Golub and Patrick Palfrey now expect the S&P 500 to end 2024 at the 5,400 level. — Reuters

NEW YORK: UBS Group AG raised its end of the year forecast for the S&P 500 Index for the second time since December, as Wall Street strategists struggle to keep pace with the market’s strong start to 2024.

The bank, in a Tuesday, note cited the sturdy economy and inflation data that reflects solid demand, which it sees as supporting equity prices.