Tags: Slimmon | stock market | fourth quarter | morgan stanley

Morgan Stanley's Slimmon: 'Market is Going to Have a Good Fourth Quarter'

By    |   Monday, 22 September 2014 11:18 PM

The huge success of Alibaba Group's initial public offering — the stock has soared 34 percent since it began trading Friday — provides further momentum for the five-year old bull market in stocks, many investors say.

Both the S&P 500 and the Dow Jones Industrial Average hit record highs yet again Friday, and the S&P 500 has tripled from its March 2009 low.

"There is some buying power out there," Andrew Slimmon, a portfolio manager at Morgan Stanley Wealth Management, told The Wall Street Journal. "The market is going to have a good fourth quarter, because we have cleared some hurdles here."

Editor’s Note: 5 Shocking Reasons the Dow Will Hit 60,000

The success of Alibaba's IPO will likely spark a host of others, write Journal reporters Corrie Driebusch and Alexandra Scaggs. More than 100 deals are coursing through the pipeline, according to Dealogic.

"Alibaba certainly hogged the spotlight, but we have a bunch of IPOs that have launched and a bunch that are coming," Brian Reilly, head of equity capital markets at Barclays, told The Journal.

As for the Chinese Internet titan's IPO, "Alibaba was awesome," Phil Orlando, chief equity strategist at Federated Investors," told Reuters.

"The Alibaba deal was done correctly, which is, you leave something on the table for investors to enjoy. So the market got to focus on Alibaba, which was a positive."

Editor’s Note: 5 Shocking Reasons the Dow Will Hit 60,000

© 2019 Newsmax Finance. All rights reserved.

   
1Like our page
2Share
Finance
The huge success of Alibaba Group's initial public offering-the stock has soared 34 percent since it began trading Friday-provides further momentum for the five-year old bull market in stocks, many investors say.
Slimmon, stock market, fourth quarter, morgan stanley
235
2014-18-22
Monday, 22 September 2014 11:18 PM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved