According to Jinshi, UBS raised its forecast for the S&P 500 index by the end of 2024 for the second time, citing economic strength and inflation data reflecting strong demand. Strategists Jonathan Golub and Patrick Palfrey raised the index target to 5,400 points on January 16, implying an increase of about 8% from Friday's closing price of 5,005.57 points. UBS also raised its earnings per share expectations and implied growth forecasts for the next two years. Strategists say rising inflation tends to be good for stock prices. Although stronger CPI and PPI reports last week triggered a market sell-off, research shows that these demand-driven data are constructive for future returns.