Tags: ed yardeni | investors | senses | record | highs

Yardeni: Unprecedented Momentum to Push Stocks to Record Highs

By    |   Friday, 28 December 2018 12:57 PM

Investment guru Ed Yardeni predicts that stocks are poised to eventually charge back to all-time highs despite the seemingly endless volatility.

He cites the unprecedented momentum generated by the Dow's record-setting Wednesday close by surging 1,086.25 points or 4.98 percent that could push stocks to all-time highs in 2019.

"Investors are coming back to their senses. There was way too much fear driving this market," the president of Yardeni Research told CNBC.

The S&P 500 Index posted its biggest upward reversal since 2010 on Thursday, a day after the gauge capped its largest advance since 2009. Despite the two-day gain, the measure is still down almost 10 percent in December alone.

Yardeni, also a Newsmax Finance Inisder, predicts the S&P 500 will end 2019 at 3,100. Near midday Friday, the index was near 2,500.

"The economy is still doing pretty well," Yardeni said, adding retailers are indicating they're seeing record Christmas season sales.

"This bull market has been described as the most hated bull market of all time," he said. "I don't think there's a recession out there, and I think when the market realizes that, we'll see the market bounce back," he said.

"What has been crazy to the downside, could now be crazy to the upside."

Meanwhile, as a turbulent December in equity markets draws to a close, there’s one idea traders and investors can agree on: these are not usual times, especially for this time of year.

It’s “completely bizarre,” says Stephen Innes, head of trading for Asia Pacific at Oanda Corp. told Bloomberg. “It’s incredible just how harmful markets veer when sentiment slides.”

Innes has been taking profit on some winning investments, and snapping up blue-chip stocks whose valuations have dropped in the December sell-off, but for the most part he’s keeping his money on the sidelines. 

© 2019 Newsmax Finance. All rights reserved.

   
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Investment guru Ed Yardeni predicts that stocks are poised to eventually charge back to all-time highs despite the seemingly endless volatility.
ed yardeni, investors, senses, record, highs
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2018-57-28
Friday, 28 December 2018 12:57 PM
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