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Trump: Record-Setting Stocks Have 'Great Potential for Future'

Trump: Record-Setting Stocks Have 'Great Potential for Future'
(AP)

By    |   Thursday, 14 November 2019 03:25 PM

President Donald Trump continued to applaud as the U.S. stock market continues to set records, predicting the current bull market will set even more historical highs in the future.

“Hit New Stock Market record again yesterday, the 20th time this year, with GREAT potential for the future,” he tweeted Thursday.

“USA is where the action is. Companies and jobs are coming back like never before!”

Stocks have recently run to all-time highs, with the Dow and the S&P 500 posting record closing levels on Wednesday, helped by the Federal Reserve’s interest rate cuts, third-quarter earnings topping low expectations and signs the economy may be bottoming.

The benchmark S&P 500 posted a slim gain to end with a record closing high on Thursday. The S&P 500 gained 2.59 points, or 0.08%, to 3,096.63, Reuters reported.

Meanwhile, the current market boom, which started March 9, 2009, has enjoyed a whopping 468% gain for the S&P 500 through the first day of November, CNBC.com cited the Leuthold Group as reporting.

This record-long bull run also marks the best-performing one since the World War II, the firm says.

“The most outstanding feature of this cycle since 2008 is always going to be fear,” says Jim Paulsen, chief investment strategist at The Leuthold Group.

Citi says it is too early to call the end of the current 10-year bull market and expects global equities to rise by another 9% by the end of 2020, although it warns the threat of recession is the biggest risk facing markets, Reuters explained.

Citi’s outlook, entitled “Bull Market: Old, But Not Dead” and released last month, comes after global stock markets took a beating this week amid signs of a slowdown in U.S. economic growth and as weak earnings fan fears that trade tensions could push the global economy into a recession.

Citi equity strategists, however, say they expect central banks will continue to respond to slowing economies in 2020, as they have done this year, and U.S. equities will lead the way higher as a result.

They acknowledge the risk of earnings downgrades, saying growth estimates of 10% by several analysts and strategists are too high.

“Downgrades are unhelpful, although not fatal for stock markets,” Citi equity strategists said, adding that Europe and emerging markets were “most vulnerable” to downgrades.

“Since 1989, analysts’ first global EPS (earnings per share) forecast has been too high ..., but in 15 of those (21 years, including 2019) global equities still rose.”

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President Donald Trump continued to applaud as the U.S. stock market continues to set records, predicting the current bull market will set even more historical highs in the future.
trump, stock, market, record, potential
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2019-25-14
Thursday, 14 November 2019 03:25 PM
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