'It's a great, great time for bulls': Soft-landing views solidify in U.S. stock market

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Thursday's stronger-than-expected second-quarter GDP report is buttressing the financial market's confidence that the U.S. economy can avoid a downturn.

After more than a year of back-and-forth debate over whether the world’s largest economy could slip into a downturn, investors are settling into the surprising conclusion that the U.S. can manage to dodge one.

Read: Fed no longer foresees a U.S. recession — and other things we learned from Powell’s press conference One of the most historically accurate strategies for identifying primary trends in stocks, known as the Dow Theory, has been pointing toward the likelihood of a broadening bull market. Meanwhile, Carol Schleif, chief investment officer of the BMO Family Office in Minneapolis and Chicago-based economists at Stifel, Nicolaus & Co. said Thursday’s GDP report is stoking optimism about a soft landing scenario in the U.S., even after the fastest interest-rate increases in four decades.

Toews of Toews Asset Management said in a phone interview on Thursday that “at the very least you had to be concerned about the possibility of a recession and we certainly were. In April, once we got beyond the regional-bank issues, we saw the need to make sure that customers got equity allocation. Everyone is waking up to the reality of a 20% S&P 500 gain year-to-date versus a 5% T-bill rate, and trillions of dollars that have been cautious now may be deciding to come into the market.

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