Wednesday, 6 April 2016

Stocks fall but could make new highs in coming months

Stocks fell on Tuesday.

The MSCI All-Country World Index fell 1.4 percent, its biggest daily drop since 8 February. The S&P 500 fell 1.0 percent to see its biggest two-day decline since 9 February. The STOXX Europe fell 1.9 percent to its lowest level since 25 February.

Stocks fell despite oil rising. West Texas Intermediate rose 0.5 percent.

Despite the latest stumble, Thomas Lee, head of research at Fundstrat Global Advisors, is undaunted in his outlook for stocks.

In a note on Tuesday, Lee said that "equity markets are poised to make new highs in coming months", driven by a recovery in sales and earnings and oil supply and demand achieving equilibrium.

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