Lucas Jackson/Reuters
While many analysts say they don’t expect stocks to fall all the way back to their lows set in March, much of Wall Street says the recent surge of nearly 40% for stocks may be setting investors up for disappointment, with rougher times likely to come.“There’s no question that it’s going to be a choppy recovery,” said Rich Weiss, chief investment officer of multi-asset strategies for American Century Investments. “I have no doubt there will be setbacks.
Doug Ramsey, chief investment officer at Leuthold Group, says the market’s recent climb has failed to check off many of the indicators typical of true market bottoms, such as transportation stocks leading the initial stages of the upturn and the S&P 500 dropping below a certain level relative to corporate earnings.
“We could flutter around these levels for six months or 12 months until a vaccine or a cure is discovered, tested and rolled out,” said American Century’s Weiss. “We’re going to be walking on egg shells for a while.”If Democrats can gain control over the White House and Senate, which prediction markets consider a real possibility, it could mean tax rates are set to rise for businesses. That would crimp profits, which are the lifeblood of the stock market.
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