{"id":84626,"date":"2023-11-14T22:46:11","date_gmt":"2023-11-15T03:46:11","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/stock-market-outlook-how-high-can-the-sp-500-go\/"},"modified":"2023-11-14T22:46:13","modified_gmt":"2023-11-15T03:46:13","slug":"stock-market-outlook-how-high-can-the-sp-500-go","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=84626","title":{"rendered":"Stock Market Outlook: How High Can the S&P 500 Go?"},"content":{"rendered":"
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The stock market is getting a jolt from the inflation report. This isn\u2019t the kind of rally that will likely peter out\u2014believe in this one.\u00a0<\/p>\n

\u00a0All three major U.S. stock indexes jumped more than 1% Tuesday morning, with the
\n Nasdaq Composite
\n coming close to a 2% gain.\u00a0<\/p>\n

\n

That comes after data showed the consumer price index rose 3.2% year over year in October, coming in slightly lower than economists\u2019 expectations and moderating from September\u2019s 3.7% rise. With the Federal Reserve\u2019s goal to bring inflation to 2%, Tuesday\u2019s numbers solidify the expectation that the central bank can keep interest rates steady, instead of further increases to cool the economy. The data could even mean the Fed will cut rates within the next year or so\u2014only making stocks even more attractive.\u00a0<\/p>\n

Now, the
\n S&P 500,<\/span>
\n at a tick under 4500, is moving above key levels, an encouraging sign. Earlier this year, sellers had repeatedly come in at the so-called \u201cresistance level\u201d around 4400 to knock the index lower. They were concerned about rising interest rates and their impact on the economy. Tuesday\u2019s gains suggest those concerns are fading a bit. <\/p>\n

To be sure, the next level of resistance is around 4500. It will be key to see if the index can hold that level for a while, or if sellers will return to bring it lower again. For now, the S&P 500 is holding strong at just under 4500.\u00a0<\/p>\n

The sudden surge of buyers indicates that more gains seem likely. If the S&P 500 can stay around its current level for a few days, momentum could possibly take it above its 2023 intraday high of 4607, hit in July. <\/p>\n

\u201cThe upside target is near 4,675, which will remain in play if the SPX can stay above the 4,390-breakout zone,\u201d wrote Cappthesis\u2019 Frank Cappelleri.\u00a0<\/p>\n

Should the S&P 500 reach that lofty level, that would be a gain of about 5% from here.<\/p>\n

Write to Jacob Sonenshine at jacob.sonenshine@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The stock market is getting a jolt from the inflation report. This isn\u2019t the kind of rally that will likely peter out\u2014believe in this one.\u00a0 \u00a0All three major U.S. stock indexes jumped more than 1% Tuesday morning, with the Nasdaq Composite coming close to a 2% gain.\u00a0 That comes after data showed the consumer price […]<\/p>\n","protected":false},"author":1,"featured_media":84627,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-84626","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nStock Market Outlook: How High Can the S&P 500 Go? | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The stock market is getting a jolt from the inflation report. 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