NEW YORK (Reuters) - The S&P 500 is poised to climb 9% between now and the end of 2021 as the anticipated widespread release of a COVID-19 vaccine drives an economic and corporate earnings recovery from the pandemic, according to a Reuters poll of strategists.
After a more than 60% recovery from the March lows of the outbreak to a record high on Nov 16, the benchmark index is now up about 10% in the year to date.
The benchmark S&P 500 will finish 2021 at 3,900, a 9% gain from its close Monday of 3,577.59, according to the median forecast of 40 strategists polled by Reuters over the last two weeks.
The index is expected to end 2020 at 3,600, close to its current level, according to the poll median.
Recent hopes related to the vaccine have breathed new life into cyclical stocks, such as industrials and energy shares, which investors dumped earlier during the pandemic.
Based on the poll, the Dow Jones industrial average, which was near 30,000 through Monday, will finish next year at 32,500, up around 10% from Monday’s close.
Some strategists predict the gains in cyclicals will extend far into 2021, but others say the rotation may not be long-lived.
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