Stifel, Nicolaus & Co said that based on past market madness, the S&P 500 index may rise nearly 10% this year. But just like the previous 'bubble', it will burst. Stifel's Barry Bannister said that with investors continuing to enter, the S&P 500 is expected to surpass the 6,000-point mark by the end of 2024, slightly below 5,500 points on Thursday. However, he predicted that the index will fall back to the level at the beginning of this year, about 4,800 points, by the middle of 2026, a slight drop of about one-fifth. It needs to be clear that he said that risk assets (especially stocks) are expected to fall back faster. He targets the S&P 500 index at the end of the year to be 4,750 points, which means a drop of about 13% from the current level. As technology stocks are under pressure, the index retreated after hitting a historical high on Thursday. He said that nevertheless, the market frenzy that has driven the market up for several months will push up stock prices before they crash.