LONDON (Reuters) – JPMorgan said on Monday it expected the U.S. S&P 500 <.spx> to hit 4,000 points by early next year and called Pfizer’s COVID-19 vaccine update as “one of the best backdrops for sustained gains in years”.
“After a prolonged period of elevated risks (global trade war, COVID-19 pandemic, US election uncertainty, etc.), the outlook is significantly clearing up, especially with news of a highly effective COVID-19 vaccine,” the U.S. investment bank said in a note to clients.
The bank said it expects the U.S. equity index to hit about 4,500 by the end of 2021 — a 25% jump from current levels. The index rose 3% to slightly above 3,600 points on Monday.
(Reporting by Thyagaraju Adinarayan; editing by Sujata Rao)
