The S & P 500 's strong first 100 trading days of 2024 is a good omen for the rest of the year, according to Bank of America technical research strategist Stephen Suttmeier.
As of May 23, the 100th trading day of 2024, the S & P 500 rallied more than 10% for the year.
.SPX YTD mountain S & P 500 year to date Historically, when the S & P 500 rises 10% or more in the first 100 days of any year, the index is higher the rest of the year 76% of the time, the strategist said.
In this case, the average return comes in at 7.1%, with a higher median return of 9.3%.
If 2024 followed that pattern, the S & P 500 would stand at 5650 shortly before Labor Day, based on the May 23 close, Bank of America said.
Persons:
Stephen Suttmeier, Suttmeier, — CNBC's Michael Bloom
Organizations:
Bank of America, Labor