FLASH: Wall Street strategists see stocks moving higher despite trade dispute risks: Reuters poll reveals.
Us stocks will build on this year’s strong gains over the rest of Y 2019 despite US-China trade tensions that represent the biggest threat to the market, according to a Reuters poll of strategists.
The benchmark S&P 500 index will finish Y 2019 at 2,925, up about 4.4% from Thursday’s close, based on the median forecast of 50 strategists polled in the last 2 weeks. It would represent a gainer of 16.7% from the end of Y 2018.
Most Wall Street strategists in the poll cited further escalation in the US-China trade dispute as the biggest potential negative over the balance of this year, followed by a worse-than-expected US economic slowdown and slower earnings growth.
The overwhelming majority of Wall Street strategists in the US poll also said the risk for stocks is skewed more toward the Southside than the Northside.
Although the S&P 500 remains up about 12% for the year so far, stocks have sold off recently amid persistent worries over the trade battle.
The DJIA last week marked its 5th straight week of declines, its longest such losing streak in 8 years.
Few strategists cited stock valuations as a big concern in here.
The poll also showed the DJIA finishing Y 2019 at 26,000. That would represent a gainer of 2.6% from Thursday’s close and an increase of 11.5% from the end of Y 2018.
Thursday, the major US stock market indexes finished at: DJIA +43.47 at 25169.88, NAS Comp +20.41 at 7567.69, S&P 500 +5.84 at 2788.86
Volume: Trade on the NYSE came in at 700-M/shares exchanged.
- NAS Comp +14.1% YTD
- S&P 500 +11.3% YTD
- Russell 2000 +10.2% YTD
- DJIA+7.9% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Neutral to Bullish in here.