US equities will put the worst of this year’s trade-war turmoil behind them and rally to fresh highs in 2025, according to a survey of Bloomberg subscribers who attended a panel discussion on macro trends.

The S&P 500 will climb to 6,500 — a better than 9% increase from Thursday’s close — by year-end, according to 44% of the 27 responses in a Markets Live Pulse survey.

The index was seen reaching that level by the first half of next year by 26% of participants, with 11% saying it would happen in the second half and the remainder estimating 2027 or later.

A rally to 6,500 would likely mean the market fully moves on from concerns that President Donald Trump’s tariffs may severely damage the economy. It would represent a substantial recovery from the impact of the trade war, which currentl

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