Wednesday, 26 Aug 2020 08:13 PM MYT
Wall Street’s rally is likely run out of fuel as investors fret about the November presidential election, with the major indexes ending 2020 below current record highs, according to the poll, conducted over the past two weeks. While strategists are generally unsuccessful at predicting stock market performance, their forecasts provide a valuable snapshot of expectations across Wall Street.
With President Trump repeatedly claiming, without evidence, that plans to allow mail-in ballots would lead to a surge in electoral fraud, some investment strategists warn that uncertainty about the integrity of the vote and its outcome could roil financial markets. The S&P 500 last week returned to record highs for the first time since February, wiping out all of the deep losses caused by the coronavirus pandemic. The index’s new highs confirm, according to a widely accepted definition, that the S&P 500 entered a new bull market after tumbling to a low on March 23.
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