Mark Haefele, chief investment officer of global wealth management at UBS, predicts the S&P 500 will reach 4,600 by the end of 2021 and run to 5,000 by the end of 2022.
“We believe that the momentum toward reopening and recovery is intact and that there is further upside to equities,” Haefele said.
However, some strategists see risks ahead in September. The S&P 500 has been positive just 45% of the time in September since World War II, according to CFRA.
One upcoming risk is the August employment report set to be released Friday, which could influence the Federal Reserve’s decision making in its September meeting as the central bank weighs plans to cut back its bond buying program by the end of this year.
