Saturday 2 December 2017

Markets fall but fundamentals “so strong”

Markets mostly fell on Friday.

The S&P 500 fell 0.2 percent, the STOXX Europe 600 fell 0.7 percent but the Nikkei 225 rose 0.4 percent.

The US stock market was affected by news that former national-security adviser Michael Flynn had pleaded guilty to lying to the Federal Bureau of Investigation over Russia's alleged interference in the US elections but analysts appear to remain largely unfazed.

Ryan Detrick, senior market strategist at LPL Financial, said: “Although today’s Washington drama could cause some near-term volatility, the overall economy is on very firm footing and we don’t expect this to lead to a major dip.”

Indeed, Ed Yardeni, President of Yardeni Research, said on CNBC that the stock market is “in the early phases of a melt-up” while Katie Nixon, chief investment officer at Northern Trust, said that fundamentals are “so strong”.

No comments:

Post a Comment