UBS sees the S&P 500 rising above 5,000 in the first half of 2022 before reversing

The Wall St. sign is seen near the New York Stock Exchange (NYSE) in New York City, May 4, 2021.
Brendan McDermid | Reuters

The S&P 500 should rally past 5,000 in the first half of 2022, then pull back in the second half as Covid, the Federal Reserve and corporate earnings drive market action through next year, according to UBS.