Despite tariff and inflation narratives targeting President Donald Trump for endangering the U.S. economy, Bank of America is making one of the most bullish calls on Wall Street, projecting that the S&P 500 could surge to 9,914 by September 2027.
The stock market has already recorded 20 record highs in Trump's first nine months, including the S&P recently crossing 6,500 for the first time. BofA is now doubling down for a bull run, Axios reported Tuesday.
The projection of a nearly $10K S&P equates to another 52.5% rally.
Over the past century, the average gain across 14 bull markets was 177% over roughly five years. Since the October 2022 lows during former Democrat President Joe Biden's administration, the S&P is up about 80%, leaving room for further upside, BofA says.
The current price-to-book ratio of 5.3 is the highest since 1946, raising concerns about market overheating.
Alert: Trump’s Economic Boom Could Make You Richer Than Ever... Get #1 Stock Pick Here
Optimists are betting that rate cuts, an AI-driven boom, and potential 2026 stimulus will outweigh risks such as tariffs, high valuations, and policy uncertainty.
Chief investment strategist at BofA Global Research Michael Hartnett appeared on Bloomberg TV on Monday night, noting the 10% bear market in the dollar and the strength of global markets driven by defense trade and rising spending. Trump has pressed the world to pay up for their own defense, Hartnett said.
The markets get back in action Tuesday after the Labor Day weekend.
Eric Mack ✉
Eric Mack has been a writer and editor at Newsmax since 2016. He is a 1998 Syracuse University journalism graduate and a New York Press Association award-winning writer.
© 2026 Newsmax. All rights reserved.