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Bank of America Cuts S&P 500 Estimate by 9% After 6-Week Slide

  • Strategist Subramanian sees second year of losses for index
  • `Extreme' tumble so far makes prior target unattainable
Bank of America branch in New York.

Bank of America branch in New York.

Photographer: John Taggart/Bloomberg

Add Bank of America to the list.

The firm’s research team is the latest on Wall Street to lower expectations for the U.S. stock market in 2016, after one of the worst starts to a year on record wiped out more than $2 trillion in value. The bank now expects the Standard & Poor’s 500 Index to end the year at 2,000. The gauge rose 1.7 percent to 1,859.28 at 2:30 p.m. in New York, trimming its decline in 2016 to 9 percent.