The S&P 500 (^GSPC) has recently notched new record highs, but this analyst says this bull market has room to go higher. Piper Sandler’s managing director and chief market technician Craig Johnson joins Julie Hyman and Josh Schafer on Market Domination to discuss his market outlook after the firm raised its 2025 S&P 500 target to 6,600. “The base case format is really [this] bull market that started off of the lows back in October of 2022 is still fairly young at about a little over 500 trading days. The median length of time that most bull markets have lasted has been around 979 days,” Johnson tells Yahoo Finance. He says, “If we step back and just think about not only the length of these bull markets, we think about the Fed has now been lowering rates. We think about the yield curve normalizing. We think about the market broadening out. Financials really starting to improve. And the fact that this bull market has also been led by more than just the [“Magnificent Seven”] stocks sort of as a positive indication to me that it probably has more room to run.” The analyst says the recent highs indicate there’s more to come. “When we’ve gone back in time, we found that really the only way to change sort of a pessimistic mood on Wall Street is ultimately through new highs. And when we’ve gone back in the past and sort of looked at when you get five new highs, ten new highs, 20 new highs, it seems to just keep progressing, and it sort of becomes a market where people start to chase it.” Johnson says there are three things that could slow down the third year of the bull market: election uncertainty, geopolitical conflict, and if the Fed has reduced rates too early or reverses course.
#youtube #news #stockmarket
About Yahoo Finance:
Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.
– Get the latest news and data at finance.yahoo.com
– Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO)
– Follow Yahoo Finance on social:
X: http://twitter.com/YahooFinance
Instagram: https://www.instagram.com/yahoofinance/?hl=en
TikTok: https://www.tiktok.com/@yahoofinance?lang=en
Facebook: https://www.facebook.com/yahoofinance/
LinkedIn: https://www.linkedin.com/company/yahoo-finance
source
