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UBS raises S&P year end target, eyes more gains in 2026

UBS Global Wealth Management on Thursday raised its year-end target for the S&P 500 to 6,000 from 5,800 and initiated a June 2026 target of 6,400. The research group also raised its 2025 expectation for S&P 500 earnings per share to $260 from $250 and forecast 2026 EPS of $280, up from its previous estimate of $275. David Lefkowitz, head of U.S. equities, cited a better than expected first quarter earnings season and slightly higher expectations for GDP growth in the second half of the year for the changes.

Ackman's hedge fund Pershing Square bets on Amazon, exits Canadian Pacific

NEW YORK (Reuters) -Billionaire investor Bill Ackman told clients on Thursday that his hedge fund bought Amazon shares last month, betting earnings will continue to grow at the online retailer as President Donald Trump's tariffs bite less than consumers initially feared. Ackman and his investment team updated clients on additions to the portfolio at his hedge fund, Pershing Square Capital Management. "The most substantial move is Amazon," chief investment officer, Ryan Israel, said on a conference call.

Argentina's Milei unveils bold plan to lure billions in undeclared dollars back home

Argentina's government on Thursday unveiled an ambitious scheme to bring billions of undeclared U.S. dollars tucked under mattresses or stashed in foreign bank accounts back into the crisis-prone country, as libertarian President Javier Milei seeks to boost Argentina's low international currency reserves and stimulate the limping economy. “You can use them however you want, without having to prove where you got them from.”