UBS raises year-end target for S&P 500

UBS Global Research has increased its year-end target for the S&P 500 index to 5,850 points, up from its previous estimate of 5,600. This revision is attributed to corporate profit growth, a favourable macroeconomic environment, and expected interest rate cuts.

The index, which has risen by 22.85 per cent so far in 2024, reached a record closing high of 5,859.85 points the previous day.

“Rate cuts should reduce interest expenses and default risks, which will contribute...