Friday, 6 January 2017

Markets mixed but US stocks “could explode much higher”

Markets were mixed on Thursday.

The S&P 500 fell 0.1 percent while the STOXX Europe 600 rose 0.1 percent.

Earlier in Asia, the Nikkei 225 fell 0.4 percent but the Hang Seng jumped 1.5 percent.

Meanwhile, macro strategist and trader Boris Schlossberg sees more gains for US stocks ahead.

Schlossberg told CNBC on Wednesday that the “incredible potential of deregulation, possible tax cuts and fiscal policy” from an incoming Donald Trump administration could provide “fuel for much higher-than-expected earnings and much better-than-expected performance in 2017”.

In fact, Schlossberg thinks that “the market could explode much higher on sentiment alone”.

Oppenheimer technical analyst Ari Wald also said on Wednesday that “the longer-term picture is still bullish” and thinks that the S&P 500 could hit 2,500 this year.

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