No, Worst Probably Not Over Yet for S&P 500, These Analysts Say
- S&P’s likely to retest recent lows,Canaccord, BMO Nesbitt say
- S&P may fall to 2600-2650 level when it retests February lows
'I'm 100% Buying the Dip' on Non-Inverted Yield Curve, Says Dwyer
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Should U.S. stocks keep going at the pace of the past two days, they’ll hit a record before the weekend. But a few Wall Street analysts say pain in equities probably isn’t over yet.
For one, look at history. From 1992 through January, there were four instances when convulsions like this month’s pushed the 10-week rate of change in volatility to an extreme level, according to Canaccord Genuity’s Tony Dwyer. The S&P 500 Index gained on average 5.6 percent after the instances, according to the firm’s data that exclude the market jitters of 2008. Each time, stocks caved in again after the rebound.