Although the rally by arguably the most important stock-market benchmark in the world has stalled out, its proximity to an all-time closing peak has made a...
The S&P 500 index is teetering on the edge of a rarefied perch, persistently brushing aside uncertainties created by the COVID-19 pandemic in its ascent.
“ The U.S. stock market looks increasingly like the hapless Wile E. Coyote, running off the edge of a cliff in pursuit of the pesky Roadrunner but not yet realizing the ground beneath his feet had run out some time ago ” The Nasdaq Composite Index COMP, -0.20%, meanwhile, finished barely positive for the week, up 0.1%. The index has posted 32 records so far in 2020.
The GMO investor said that only the Great Financial Crisis of 2008-09 represents a parallel to the so-called V-shaped, fast and potent, bounce higher that we have observed in the market. However, Thomas Lee, founder of Fundstrat Global Advisors, remains unabashedly sanguine about the market’s outlook. He raised his year-end target for the S&P 500 by 75 points to 3,525. “From our vantage point, this is just a waiting game. That is, we believe there are catalysts to support a move well beyond 3,393.52,” he wrote in a Friday research note.
On Friday, a backwards looking peek into funds run by billionaire George Soros indicated that he was loading up on financial firms, including Bank of America BAC, +0.45%, Morgan Stanley MS, +0.23%, Wells Fargo & Co. WFC, +1.11%, Citigroup C, +0.07%, and PNC Financial Services PNC, +0.66%, which would suffer the most if the economy fails to manifest the V-shaped recovery that stocks appear to predict. At the same period, Warren Buffett’s Berkshire Hathaway BRK.B, -0.48% BRK.A, -0.
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