Wall Street Strategists In Bearish Mood This Holiday Season
The fourth quarter has historically been the best of the year for the S&P 500, but this year strategists are more bearish than almost ever before.
Among the 19 experts surveyed by Bloomberg, the average estimate predicts the S&P 500 Index to close the year at 2,171—that’s 1% below where the gauge currently stands, Bloomberg reports.
“You’ve got to have a reason to put money to work, and portfolio managers are sitting on what they have without taking direction,” says Canaccord Genuity co-head of US equity research Tony Dwyer. While the market isn’t entirely bereft of optimism, sluggish conditions mixed with the dynamic presidential election is keeping strategists bearish. [Bloomberg]