The president of sell-side Wall Street firm Yardeni Research, Ed Yardeni, believes that the S&P 500 is firmly marching in bull territory.
In a new interview on CNBC Television, Yardeni predicts that the US stock market will surge to new all-time highs amid an improving macroeconomic picture.
“I think we’re still very much in a bull market… I think the market is going to go higher because I think the economy is going to prove resilient. It has shown some weakness of late, but that’s really old data, data that is in response to all the uncertainties, and I think a lot of the uncertainties have dissipated. Clearly, [the trade war] is not a done issue yet, but I think it will be by the end of the summer.”
The market strategist also notes that risk assets like stocks have a history of climbing a “wall of worry,” rallying even as most investors are sidelined amid fear, uncertainty and doubt.
“There’s always risk, clearly, in the market, and things to be concerned about. Sometimes the market goes up best when everybody is worried. What’s interesting is here we are basically at a record high, and a lot of the sentiment indicators are still very wary, very cautious. You’re not seeing a lot of bullishness in the sentiment indicators.
So that’s a good thing. That suggests that people just really haven’t bought into this recovery from the correction.”
On Friday, the S&P 500 closed the trading day at 6,173 points – a new all-time high.
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