After a Misjudged First Half, Strategists Face a Short Squeeze

Few of the big firms foresaw the bull stampede driving the S&P 500 to such levels. Welcome to the second half.

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The year has barely passed its midpoint, and yet the market has barreled through most estimates for where Wall Street thought the S&P 500 would be at the end of the year. In the process, it defied the gloom accompanied by recession risks, soaring inflation and aggressive monetary tightening. And it’s left the strategists who made those estimates with a dilemma.