Raymond James S&P 500 Forecast Dashed by V-Shaped Rebound
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In early July, Jeffrey Saut, the chief investment strategist at Raymond James & Associates Inc., saw a violent pullback coming for the U.S. stock market. He was only half right.
The Standard & Poor’s 500 Index rallied to an all-time high yesterday, completing a rebound from an almost 4 percent retreat that began July 24 and dashing Saut’s prediction for a 10 to 12 percent drop. While he still says the odds favor a prolonged slump in equities coming this year, the recent rally has pushed the U.S. equity benchmark within 8 points of 2,000.