Independent credit ratings service S&P Global Ratings kicked 2024’s advertising outlook off on a stronger-than-expected note, issuing a forecast that U.S. ad spending will rise 7.6% — nearly two percentage points greater than the most recent agency holding company composite, which projects a U.S. growth rate of 5.8%. Interestingly, S&P’s outlook is even more bullish than the most optimistic holding company forecasting unit — IPG Mediabrands’ 7.2% U.S. ad-growth projection.
Nearly every stock in the benchmark S&P 500 rose. It’s now up 0.6% for the week and has recovered from a from a sharp sell-off on Monday. The turnaround is more pronounced within the Dow, which is now up 0.8% for the week after having been down 1.9% for the week as of Tuesday.
