The S&P 500 index achieved intra-day record highs after the Federal Reserve slashed interest rates by 50 basis points and signaled further cuts. Major stocks such as Tesla, Apple, and Meta Platforms saw significant gains.

BMO Capital Markets on Thursday upped its year-end target for the S&P 500 (SP500) for a second time in 2024, with the brokerage now seeing the benchmark index reaching 6,100 points. BMO's new target is the highest on Wall Street,

Before Wednesday’s cut, US rates had been at their highest since 2001 as the Fed sought to bring down inflation from the biggest surge in a generation. But with consumer price inflation now at 2.5 per cent, close to the Fed’s 2 per cent target, the central bank has signalled more reductions to come.

BMO Capital Markets on Thursday said it was raising its S&P 500 (.SPX), opens new tab target for 2024 to 6,100 from 5,600. The benchmark index was last at 5,720, up 1.8% on the day, following Wednesday's Federal Reserve decision to kick off its monetary easing cycle with half-a-percentage point reduction.

S&P 500 has already rallied well over 20% this year but Brian Belski, the chief investment strategist of BMO Capital Markets, sees further gains in the months ahead. The benchmark index could climb further and hit the 6,

Brian Belski Brian Belski, chief investment strategist at BMO Capital Markets, talks with Financial Post's Larysa Harapyn about how the TSX will hit new highs this year. Brian Belski, chief investment strategist at BMO Capital Markets,