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Is the S&P/ASX 200 back on track to hit the 6,000 level?

Who ever said that now wasn’t a good time to be in the stock market?

The benchmark S&P/ASX 200 (INDEXASX: XJO) climbed over six straight days prior to today and is again up more than 40 points by early afternoon trade. In fact, the index has now risen 4.9% since bottoming out early last week and is just 5.4% below its multi-year high, set in August this year.

The question on all investors’ minds now is…

Could we reach that much coveted 6,000 level by the end of the year after all?

While many investors were selling in a state of panic or keeping all their money to the side in the event of a catastrophic crash, others have enjoyed the spectacle of watching their portfolios recover. Some of Australia’s most popular stocks, such as BHP Billiton Limited (ASX: BHP), CSL Limited (ASX: CSL) and Wesfarmers Ltd (ASX: WES) have largely led the charge having rebounded from their lows to record strong gains recently.

If they keep up this pace, the 6,000 mark is certainly achievable!

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Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned.

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