S&P 500 could hit 4,600 by the end of the year: Ed Yardeni

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on Mar 30, 2023
Updated: Apr 18, 2023
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  • Ed Yardeni sees about a 15% upside in the S&P 500 index.
  • He explained his bullish view today on CNBC's "Closing Bell".
  • The benchmark index is currently up just over 5.0% YTD.

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S&P 500 is currently up more than 5.0% versus the start of the year, which, Ed Yardeni says, is a only a trailer of what’s to come.

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Yardeni explained his bullish view on CNBC

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That’s an interesting call since many are still worried about the recent bank failures.

On top of that, there’s fear of a recession as the central bank continues to lift rates in its fight against inflation. Still, the President of Yardeni Research said today on CNBC’s “Closing Bell”:

This banking crisis is going to be very well contained by both the Federal Reserve and the Federal Deposit Insurance Corporation. At the same time, I think it’ll keep the Fed from raising interest rates even further.

Last week, Chair Jerome Powell opted for a 25 bps increase in interest rates and signalled one more hike in 2023 as Invezz reported HERE.

Yardeni sees about a 15% upside in S&P 500

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According to Ed Yardeni, the equities market could hit 4,600 by the end of this year – up nearly 15% from here. And that’s when he doesn’t even expect the Federal Reserve to cut rates this year. Yardeni noted:

I think they are now in a restrictive enough level where they don’t have to keep raising interest rates.

The President of Yardeni Research agrees that the United States has been in a rolling recession for over a year that popped up in different sectors at different times but did not result in a major threat to the broader economy.

S&P 500 is currently trading at about 19 times – higher than its historical average.

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