US stocks experienced an unexpectedly strong rally in the first half of the year, but the momentum may not last, according to the Wells Fargo Investment Institute (WFII).
The S&P 500 index surged nearly 13 percent to reach 5,375 by mid-June which far exceeded, its previous record and WFII's 2024 target range of between 4,600 to 4,800.
While interest rates remain high, companies still managed to achieve an impressive growth in profits with corporate earnings rising nearly 6 percent in the first quarter, roughly double the estimated 3 percent.
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