Morgan Stanley Strategists Say US Stocks Are in a 2019-Like Rally
- The market is in a policy-driven, late-cycle rally: Wilson
- Strategist called 2022 rout, but remained pessimistic in 2023
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Morgan Stanley’s Michael Wilson, one of the few Wall Street strategists to see last year’s equities rout coming, has been among the market’s leading pessimists throughout 2023. But on Monday, after months of soaring stocks, he changed his tone and now sees the rally running further.
US stocks are tracking the same path they did in 2019 — one of the best years for the S&P 500 Index over the past decade as it handed investors a 29% return, Wilson wrote in a note to clients. The S&P 500 is up 20% this year, almost the same return it posted in 2019 across the same period.