Strategists Take On History in Calling S&P 500 Gains Exhausted
- Target implies most bearish second-half forecast since 1999
- CFRA study shows first-half rally doesn’t hinder future gains
Wren, Smead on Multiple Headwinds to Equities
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Wall Street strategists are fighting historic odds when urging investors not to chase the rally in the U.S. stock market.
They’re predicting the S&P 500 Index will see momentum fade in the second half after shares climbed 8.2 percent for the best first-half performance since 2013. The average year-end prediction, 2,439, represents a 0.6 percent increase by December, the least bullish forecast at this time of year since 1999, data compiled by Bloomberg show.