A look back on 2023 in the market:

Heading into this year, the average forecast showed the S&P 500 closing today at ~4,000.

Currently, the index is at 4,777, just under 1% away from a new all-time high.

In other words, we are approximately 20% above Wall Street's average year-end target.

Interestingly, just two months ago, the S&P 500 was trading at 4,100, roughly in line with the average year-end forecast.

These last two months caught institutional investors completely off guard.

The unexpected change is attributed to the "Fed pivot."

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