“There’s nothing to suggest to us that the rally is necessarily just about to end here,” Kelly, JPMorgan Asset Management’s chief global strategist, said in an interview. “The next two years are going to see continued economic growth and, generally speaking, earnings will be going up.”
Investors can expect the rally in US equities to keep rolling next year, even after a furious run that has pushed the S&P 500 Index up more than 50% since the start of 2023, as gains move beyond the popular Big Tech leaders.
Strength in corporate earnings and the US economy more broadly should keep driving the stock market higher in 2025, according to strategists at JPMorgan Chase & Co.’s asset management division led by David Kelly. The risks are high valuations and over-concentrated portfolio positions, along with policy uncertainty from President-elect Donald Trump’s administration. Still, they see enough positives to keep the momentum going for now.
