18 November 2024 | 4:59PM EST 2025 US Equity Outlook: The Art of the Deal We forecast the S&P 500 index will rise to 6500 by year-end 2025, reflecting an 11% price gain from the current level and 12% total return with dividends. Our view is predicated on continued US economic expansion, earnings growth of 11% in 2025 and 7% in 2026, and a forward P/E multiple of 21.5x at the end of next year, a 1% compression from the current P/E of 21.7x. Our projected return would rank in the 46th percentile of the histor ...