Wall Road has a brand new excessive water mark for the S&P 500 (^GSPC).Oppenheimer chief funding strategist John Stoltzfus now sees the benchmark index ending the yr at 5,500, reflecting a roughly 5% improve from Friday’s shut. The decision comes after a surge in shares pushed the benchmark index previous his preliminary goal of 5,200 lower than three months into the yr.Stoltzfus entered the yr on the lookout for one or two rate of interest cuts, and to him, little has modified in that storyline since December because the Federal Reserve just lately projected three rate of interest cuts this yr with a bias leaning towards the opportunity of two cuts. He famous constructive indicators in earnings during the last a number of quarters, resilience in US financial development and a “capitulation” among the many bearish group all assist his improve to S&P 500’s efficiency.”All the above prompts us to extend our year-end value goal acknowledging the chance that we’d want to lift the goal value once more later this yr ought to this financial and market outlook show us too conservative in our projections,” Stoltzfus wrote.Different analysts have just lately raised their targets for the benchmark index. Earlier this month, Financial institution of America predicted the S&P would finish the yr at 5,400, matching a earlier name from UBS.Whereas shares’ run greater has raised questions of whether or not the market is in a bubble, strategists have countered that the underlying dynamics of the present rally do not point out that is the case up to now.”We’re not saying that there’s not some quick gamers on the transfer within the daily and week to week motion or deny that some froth exists in some corners of the market however somewhat that the new market stuff to date appears to have been offset by a broadening of the present rally throughout sectors, kinds, and market capitalizations,” Stoltzfus mentioned.FILE PHOTO: The Charging Bull or Wall Road Bull is pictured within the Manhattan borough of New York Metropolis, New York, U.S., January 16, 2019. REUTERS/Carlo Allegri/File Photograph (REUTERS / Reuters)Josh Schafer is a reporter for Yahoo Finance. Comply with him on X @_joshschafer.Click on right here for the most recent inventory market information and in-depth evaluation, together with occasions that transfer stocksRead the most recent monetary and enterprise information from Yahoo Finance