There's a new biggest bull on wall street as bmo raises year-end s&p 500 target to 6,100

BMO now has the most optimistic 2024 market outlook, with the bank calling for a sizable move higher heading into year-end. Chief investment strategist Brian Belski lifted his year-end

target for the broad index by 500 points to 6,100. That new forecast implies the S & P 500 can climb 8.6% from Wednesday's close. It is also the highest among strategists included

in CNBC Pro's exclusive survey and about 9.5% above the average. "Much like our last target increase in May, we continue to be surprised by the strength of market gains and decided

yet again that something more than an incremental adjustment was warranted," Belski told clients in a Thursday note. .SPX YTD mountain S & P 500 YTD Belski said his update came

after yet another rebound in equities pushed the index to trade around his prior target. Even if the S & P 500 tests lows seen during September's choppy trading, the investing

strategist said he remains confident that it can rise into year-end. He said the fourth quarter should be much stronger than normal, especially given that the Federal Reserve has begun

cutting interest rates. The central bank on Wednesday slashed the key overnight borrowing cost by a half percentage point, marking the start of its first easing campaign since 2020.

What's more, Belski said the market should be aided by the broadening out within the equity rally. That can supply upward momentum even if large-cap technology stocks sit out of gains

into the end of the year, he noted. Belski did not change his earnings per share target. While he said the implied price-to-earnings multiple of 24.4 times may appear "elevated,"

Belski said it is in line with what was seen during the mid-1990s — a period considered comparable if the U.S. economy does not tip into a recession. The S & P 500 has climbed more than

19% in 2024.