- Bank of America’s top strategist believes the stock market crash is over.
- A historic relief rally for the Dow Jones has given bulls confidence that the coronavirus panic has peaked.
- Gloomy GDP forecasts suggest even if the floor is in, upside for the Dow and S&P
After a horrific month on Wall Street, the stock market crash has slowed, with the Dow Jones and S&P 1164 rebounding off their lows.
One of the investment banking world’s top strategists, Bank of America’s Michael Hartnett, believes the lows are in after negativity peaked this month. He could be right, but investors shouldn’t rejoice just yet.
BoA’s Chief Strategist Calls the Market Bottom
In his take on the outlook for financial markets, BoA’s Hartnett made the following claim :
Tough for asset prices & volatility to subside until human beings can safely leave their homes; that said … lows on corporate bond & stock prices are in.
In addition to this, Hartnett noted that one of Bank of America’s most popular indicators has overextended to an extreme bearish reading (suggesting a meaningful reversal is possible).
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