The market's hot start to 2024 will continue thanks to a strong tech sector and a resilient economy despite high rates, according to Barclays.
The bank raised its S & P 500 target to 5,300 from 4,800.
Year to date, the S & P 500 is up 6.3%, led by even more gains in tech amid excitement around artificial intelligence and the prospects of it bolstering profits.
The S & P 500 tech sector is up 9.6% in 2024, outperforming the 10 other sectors.
Krishna also raised his full-year earnings forecast for the S & P 500 to $235 per share from $233.
Persons:
It's, Venu Krishna, Krishna
Organizations:
Barclays, CNBC Market, UBS, Big Tech, Tech, Nvidia
Locations:
Monday's