BofA’s Hartnett Says Market Selloff Yet to Breach Key Levels
- Sees slump if stock winners fall below 200-day moving average
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The turbulence in global financial markets has yet to reach proportions that would signal worries about a hard economic landing, according to Bank of America Corp.’s Michael Hartnett.
Even as the S&P 500 Index dropped about 6% since its mid-July record high, the benchmark has held above its 200-day moving average around 5,050 points, while the yield on the US 30-year Treasury note hasn’t fallen below 4%.