The S&P 500 will jump to a new record high of 5,000 next year, RBC says, joining bullish outlooks on 2024

• S&P 500 will end next year at 5,000, RBC Capital Markets said, joining bullish 2024 views.
• Strong investor sentiment and buoyant equity valuations will carry the index to a fresh record high.
• While Treasury yields are still high, they don't threaten the appeal of equities, analysts said.

Joining the bullish bets on the stock market next year is RBC Capital Markets, which expects the S&P 500 to hit a record high next year.

In a note published Wednesday, RBC analysts forecasted the benchmark index to end 2024 at the 5,000 mark, a 10% gain from Tuesday's close.