Friday, 31 August 2018

US stocks snap winning streak but analysts remain bullish

The US stock market snapped a four-day winning streak on Thursday as the S&P 500 fell 0.4 percent.

However, Raymond James' Jeffrey Saut told CNBC that the S&P 500's recently rally saw it break a multi-month base, a bullish sign.

"That upside consolidation phase tells me that we're going to be above 3,000 probably by Thanksgiving and probably 3,100 to 3,200 by the end of the year," Saut said.

Similarly, Jerry Castellini, president and chief investment officer of CastleArk Management, told CNBC that now is the time to buy.

"I'm outright bullish," Castellini said.

However, Robert Pavlik, chief investment strategist at Slatestone Wealth, was concerned that other countries may not be as ready as the US to handle interest rate increases and said that if the S&P 500 gets past 3,040, there may be a bit of a pullback.

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