After jolt, investors still see stocks as long-term bet

FILE PHOTO: Traders work on the floor of the New York Stock Exchange as the building prepares to close indefinitely due to the coronavirus disease outbreak in New York, U.S., March 20, 2020. REUTERS/Lucas Jackson/File PhotoBut long term, even with the rocketing valuations that equities have commanded and the risk of another fall, investors say stocks would still be a winning bet.

Jack Ablin, chief investment officer at Cresset Capital Management said he is not changing his mind on his decision to add riskier assets during the early days of the crisis. Guggenheim Partners global chief investment officer Scott Minerd told CNBC on Thursday that stocks could retest their lows and that the S&P, which closed Thursday at just above 3,000, could nearly halve to 1,600. If the market rallies in coming days, he told CNBC that his biggest challenge will be whether to use the opportunity"to reduce exposure."

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