The S&P 500 topped the 6800-point mark after the latest CPI report bolstered bets that the Federal Reserve will pare its federal funds target range next week, reinforcing a positive outlook for corporate profits.
In turn, that’s fuelling expectations that US equities are set to melt-up through the end of the calendar year. Fundstrat Global’s Tom Lee puts the probability of a year-end rally at 97 per cent. Carson Group’s Ryan Detrick said: “We expect a strong year-end rally to take place (and it likely started this week with the VIX implosion).”
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