Raising GDP And Stock Market Forecasts
The resilience of the US economy continues to exceed our expectations. With encouraging progress toward ending the pandemic, and massive fiscal stimulus in place—and more likely coming soon, our prior economic growth forecasts may prove overly conservative. In addition, we believe a strong fourth quarter earnings season supports an increase in our earnings forecasts for 2021 and, in turn, our fair value S&P 500 target. According to Ryan Detrick, CMT, Chief Market Strategist, LPL Financial, "A fully reopened economy is closer to becoming a reality and our confidence in a full economic recovery is growing." Read more.