NEW YORK, Thu Dec 13, 2012 — The S&P 500 may end 2013 within a stone’s throw of its all-time intraday high hit in 2007 on the back of an improved outlook for global growth and with an end to uncertainty surrounding the U.S. “fiscal cliff”, according to a Reuters poll.
A major relief for the stock market would be the resolution of the fiscal cliff, nearly $600 billion of tax increases and spending cuts that are set to take effect in January and which could threaten to bring on a new recession.
The median forecast for the S&P 500 by end of 2013 was 1,550, according to 47 respondents surveyed in the latest Reuters poll of equity strategists. That is just off the index’s all-time intraday high of 1,576.09 on Oct. 11, 2007.
By mid-2013, the S&P 500 is seen rising to 1,500, for a roughly 5 percent increase from Wednesday’s close of 1428.48.