Steve Sosnick, Interactive Brokers’ chief strategist, discusses the S&P 500 and if he sees the current momentum continuing in the stock market.
Sosnick sees solid momentum behind the current market rally. Corporate earnings are solid and the US Federal Reserve has backed off further rate hikes.
Photo Credit: Lukas Schlagenhauf via Flickr Creative Commons
To address inflation, the Fed’s primary tool is short-term interest rates
The S&P 500 and Nasdaq indexes were under pressure to start the week as the AI trade and tech more broadly came under scrutiny. Then markets flattened out as the week wrapped up.
Citigroup strategist Tobias Levkovich sees the S&P 500 rising another 12 percent to 1,615 next year.
It wasn’t what the market wanted to hear. But Ben Bernanke’s Jackson Hole speech gave a hint to what might trigger QE3: More bad news on the jobs front.
