经历跌宕六个月，美股牛市信仰愈发坚挺! 2025下半场“Buy America”继续席卷全球?

Core Viewpoint - The article emphasizes the resilience of the U.S. stock market, particularly the S&P 500 index, which has shown a strong bullish sentiment despite various challenges, with investors increasingly optimistic about the second half of 2025 [1][6]. Market Performance - The S&P 500 index experienced a significant rebound after a drop of over 19% from its previous high in April, recovering to new record levels within two months due to strong buying interest and diminishing fears regarding tariff impacts [2][5]. - As of last week, the S&P 500 and Nasdaq 100 indices reached new record highs, supported by better-than-expected U.S. non-farm payroll data, alleviating concerns about a broader economic slowdown [5]. Investor Sentiment - Institutional and retail investors continue to exhibit a strong bullish sentiment, with many seeking buying opportunities during market pullbacks [6][7]. - Retail investors have shown a notable influx of capital into the U.S. stock market, particularly after a record net buying of $3 billion on April 3 [7]. Future Outlook - Analysts remain optimistic about the continuation of the bull market, with many expecting the S&P 500 index to reach new highs in the latter half of 2025 [8][9]. - BMO Capital Markets raised its year-end target for the S&P 500 index from 6,100 to 6,700 points, reflecting improved expectations for earnings and valuations [8][10]. - CFRA Research has also increased its target for the S&P 500 index to 6,525 points by the end of 2025, indicating a positive outlook for the index's performance [10]. Economic Factors - The article highlights that the current market rally is fundamentally supported by unprecedented capital expenditures in AI, which have driven significant stock price increases among major tech companies [2][9]. - Despite potential challenges such as geopolitical tensions and tariff policies, the market has demonstrated a V-shaped recovery, with historical data suggesting continued upward momentum following significant rebounds [11].