Saturday, 15 October 2016

Markets rise as bulls remain unshaken

Markets rose on Friday.

The S&P 500 rose less than 0.1 percent but the STOXX Europe 600 jumped 1.3 percent. The Nikkei 225 rose 0.5 percent.

“Earnings season gave us a little boost this morning, but I think there’s a lot of nervousness here,” said Matthew Peron, head of global equity at Northern Trust Asset Management.

Indeed, the S&P 500 fell 1 percent for the week, and Mark DeCambre at MarketWatch said that October is “shaping up to be the ugliest monthly fall since January”.

Still, some bulls remain unshaken. From Bloomberg:

For Thomas Lee of Fundstrat Global Advisors, the latest gyrations are just turbulence on a ride that will leave the market higher by 9 percent come 2017. RBC Capital Markets LLC’s Jonathan Golub and Bank of Montreal’s Brian Belski, with Lee among the bull market’s biggest cheerleaders, say the rocky start to earnings matters little. They’re declaring the longest profit recession since the financial crisis over, clearing the path for equities to rally into the new year.

No comments:

Post a comment