Jim Cramer Agrees With Bank Of America's Prediction For S&P 500 To Hit 5K By 2024: 'But Other Than Sentiment Being Way Too Negative...'

In recent news, CNBC’s Jim Cramer and Bank of America have projected a bullish outlook for the S&P 500 index, forecasting a potential surge to 5000 points by the end of 2024.

Savita Subramanian, a strategist at Bank of America, recently shared her optimistic prediction for 2024, describing it as a “stock picker’s paradise,” CNBC reported. She clarified that her forecast is not hinged on the Federal Reserve’s rate cuts but rather on historical performance,

Concurring with Subramanian’s forecast, Cramer stated, “Broadly speaking, I actually agree with Savita Subramanian at Bank of America that we could go to 5000 on the S&P. But other than sentiment being way too negative, I'm non-committal about what could get us there, at least for now."

See Also: If You Invested $100 In Dogecoin When Elon Musk First Tweeted About The Crypto, Here’s How Much You’d Have Today

As of Tuesday, the S&P 500, widely regarded as a reliable large-cap U.S. stocks indicator, closed at 4,538.19. Should it hit 5000, it would establish a new all-time high. Following a series of tough months, the S&P 500 has made a significant turnaround, notching an 8.4% increase for the month, the largest monthly gain since July 2022.

Despite not aligning with all of Subramanian’s predictions, Cramer expressed confidence in the potential of large-cap stocks in 2024, with the exception of the “Magnificent Seven” tech stocks—Apple Inc. AAPL, Alphabet Inc. GOOGL, Amazon.com Inc. AMZN, Nvidia Corporation NVDA, Microsoft Corporation MSFT, Meta Platforms Inc. META, and Tesla Inc. TSLA—that have significantly impacted the market trends this year.

Cramer expects that the remaining 493 stocks in the S&P 500 will play a more prominent role in the coming year, particularly if the Federal Trade Commission eases its restrictions on blocking mergers, which he believes could spark the next bull market.

Read Next: BlackRock ‘Increasingly Confident’ About SEC’s Approval Of Its Spot Bitcoin ETF: Report

Image via Shutterstock