Tom Lee: S&P 500 Index may rise to 7,700 points in the short term

According to Fundstrat strategist Tom Lee in an interview with CNBC, the current market is in a cycle that may be divided into three phases. In the short term, the S&P 500 Index could rise from its current 7,560 points to around 7,700 points, but may then enter a "consolidation phase." As of early June, the S&P 500 Index has risen 11% this year, with stronger-than-expected corporate earnings being a key driving factor. First-quarter earnings per share were actually about $80, higher than the expected $70, and full-year earnings could potentially increase by an additional $40 per share, which could theoretically push the index up another 800 to 1,000 points. He pointed out that the market needs to digest factors such as uncertainties in Federal Reserve policy, energy shocks, and the unlocking of multiple company IPOs.