The year 2024 is proving to be a remarkable year for Wall Street, with the S&P 500 breaking all-time records and surpassing the 5,400 point mark, marking an increase of almost 14% since the beginning of the year. Despite facing challenges such as high interest rates, geopolitical tensions, and inflation fears, Wall Street has shown resilience.
Despite difficult market conditions, including sharp declines in April, the S&P 500 rebounded by 9% as financial data began to flow in. A recent report from FactSet analyzed the results of companies in the S&P 500 index that reported their first quarter 2024 results. The data showed that 79% of companies exceeded analysts’ profit forecasts, higher than the 10-year average of 74%. Earnings growth in the last quarter was the highest since the first quarter of 2022. Sectors like communication services and technology stood out for their strong profitability.
Analysts see a wealth of opportunities in the market, with 55% of the 1,713 analyst recommendations collected in the report being buy recommendations. The S&P 500 index has the potential to reach
