16 stocks to add to your portfolio now with markets set to rally to new all-time highs in 2024, according to an $861 billion investment firm

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  • Strategists are generally bullish about 2024, especially those at BMO Capital Markets.
  • The firm sees US stocks rising by at least 11% in the second year of the bull market.
  • Here are 16 US-based companies that BMO says stand out right now.

US stocks have exceeded all expectations this year, and history says investors should prepare for an impressive encore in 2024 that includes new record highs.

The S&P 500 is up 19% year-to-date through November and will finish the year up 16% or more for the fifth time in seven years, barring a sharp end-of-year selloff.

Double-digit market returns are in the cards again next year, according to BMO Capital Markets. The $861 billion firm found that the index tends to climb by an average of 11.1% in the second year of a bull market, based on data from the 14 such occurrences dating back to 1946.

Fittingly, BMO is calling for a gain of just over 11% in 2024, as its year-end S&P 500 price target of 5,100 implies. But if all goes well, investment strategy chief Brian Belski thinks US stocks could repeat their outstanding performance this year by rising another 20% to 5,500.

While it’s impossible to rule out a repeat of 2022, in which the S&P 500 hit a peak of 4,796 in its first session before posting its worst year since 2008, many strategists think next year will be a positive one for US stocks. Right now, the S&P 500 is just 5% away from a fresh all-time high.

16 stocks to own now

After unveiling his 2024 outlook in late November, Belski refreshed BMO’s investment strategy portfolios in a December 1 note. These groups of US and Canadian stocks aren’t necessarily buy recommendations, but are instead ideas to consider based on one’s investing strategy.

Below are 16 stocks that were recently added to one of BMO’s US-focused model portfolios along with the ticker, market capitalization, and group or groups that each firm falls into.

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