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Ed Yardeni: S&P 500 to 3,500 by Dec 31, 2020

Ed Yardeni's prediction that S&P 500 would reach 3,500 by December 31, 2020 came true. S&P 500 closed at 3,508 on August 28, 2020, the first close at or above the target. Ed Yardeni made the call on CNBC on August 12, 2020, when S&P 500 was at 3,334. The target needed a 5% rise in five months.

Updated

What was said

Photo of Ed Yardeni
Ed Yardeni

President and Chief Investment Strategist, Yardeni Research

CNBC, Aug 12, 2020SourceArchive

9 predictions · 6 hit · 1 missed · 2 open

Photo: Soar Financially, CC BY 3.0

The head of Yardeni Research said he now sees the S & P 500 heading to 3,500 by the end of 2020, a sizeable jump from his previous estimate of 2,900 and a 5% increase from Tuesday's close.

Yardeni said a market melt-up began on March 23, when the Fed announced it would buy corporate bonds, followed days later by the $2.2 trillion CARES Act. He argued that this policy mix, together with the 'There Is No Alternative' trade, explained the rebound in stocks. He also noted rising credit-market stress and bankruptcies and warned of the risk of a meltdown, but said the market would likely keep rising.

How we checked this

HitDeadline

Price when said
3,334 closeprice data
Target
3,500+5%
First close at target
3,508price data

The prediction comes true if any daily close from Aug 12, 2020 to Dec 31, 2020, inclusive, is at or above 3,500. Prices are daily closes, not intraday highs.

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