Morgan Stanley economist Michael Wilson said the recent banking-sector crisis is likely to bring an 'early and painful' stages of exiting the bear market.
SlateStone Wealth chief market strategist Kenny Polcari joined ‘Varney & Co.’ to discuss the U.S. banking crisis, predicting its impact on the stock market.
Michael Wilson, the chief U.S. equity strategist at Morgan Stanley and a longtime Wall Street bear, said in an analyst note on Monday that theis in the early and painful stages of exiting the bear market than began in the summer. He suggested that stocks are still not worth the risk, particularly when investors can turn to safer assets like Treasurys and other bonds. Until the equity risk premium – which measures the expected return on stocks above the risk-free rate – climbs as high as 250 basis points, the S&P 500 will remain unattractive. The ERP is currently at 230 basis points. / Getty Images)
Stocks closed down on Friday, with big declines at mid-sized, regional banks despite an unprecedented effort to. Despite the losses, the S&P 500 and Nasdaq Composite notched increases for the week.
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