S&P 500 rally in Q4 'more likely than not' despite headwinds - Morgan Stanley
© Reuters. FILE PHOTO: A street sign for Wall Street hangs in front of the New York Stock Exchange May 8, 2013. REUTERS/Lucas Jackson/File PhotoWilson and other strategists said a majority of investors believed in a potential rally if current levels hold in the short run, despite lingering concerns around higher interest rates and slowing economic growth.
Morgan Stanley maintains its 3,900 year-end price target for the S&P 500 and believes the best way to position is a barbell of defensive growth stocks that have stable earnings, and late-cycle cyclical stocks such as energy. "If it does not, we could see positioning quickly shift to locking in profits and/or relative performance into year end," said Wilson, Morgan Stanley's chief U.S. equity strategist.
Stocks came under selling pressure last week as investors rushed to Treasuries after a surprise attack by militant group Hamas against Israel, but S&P 500 still managed to eke out some gains.
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