Stick With U.S. Stocks After S&P Cut, Barclays’s Olsen Says
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U.S. stocks are attractive, even after Standard & Poor’s stripped the world’s largest economy of its top credit rating for the first time, because the companies are inexpensive and have global reach, Barclays Plc said.
“Don’t join the crowd and try to pile out,” Hans Olsen, head of Americas investment strategy at Barclays Wealth, said in a telephone interview yesterday. The unit of the London-based bank oversees 170 billion pounds ($279 billion). “Valuations and earnings power are still there, that’s for sure, and those who can should hold with their equity positions,” he said.