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Fundstrat's Tom Lee says the market has bottomed, stocks are headed to all-time highs
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Stocks surged Wednesday on the back of a ceasefire agreement between the U.S. and Iran, and Fundstrat's Tom Lee says a rebound to record highs could be in the cards.
Key facts
- The CNBC Mag 7 Index and the State Street Financial Select Sector SPDR ETF (XLF) both closed more than 2% higher on Wednesday
- The 30-stock Dow Industrials jumped more than 1,300 points for their best day since April 2025, back when President Donald Trump dialed back some of his steepest tariffs
- Lee is calling for the S & P 500 to hit 7,300 by the end of the year, suggesting a jump of 7.6%
- West Texas Intermediate crude futures cratered more than 16%, posting the biggest drop since April 2020
Summary
Lee is calling for the S & P 500 to hit 7,300 by the end of the year, suggesting a jump of 7.6%. The 30-stock Dow Industrials jumped more than 1,300 points for their best day since April 2025, back when President Donald Trump dialed back some of his steepest tariffs. West Texas Intermediate crude futures cratered more than 16%, posting the biggest drop since April 2020.