After a historically ugly six months that saw the S&P 500 enter bear territory, big Wall Street banks offer diverging views on where stocks are likely to end 2022.
The stock market has steadied at midyear, but after a historically ugly six months that saw the S&P 500 enter bear territory, big Wall Street banks offer diverging views on where equities are likely to end 2022.
Oppenheimer & Co.’s John Stoltzfus, chief investment strategist and one of the Wall Street’s biggest bulls, remains bullish on U.S. equities, but lowered his price target last week to 4,800 from a previous forecast of 5,330. Investors have feared that a recession is looming over the U.S. economy in light of the stickier inflation and an aggressive central bank policy. Minutes from the Fed’s June policy meeting showed officials have been prepared to tighten policy even further in the second-half, though recognizing the hawkish rate hikes could slow down the economic growth.
The U.S. economy added a robust 372,000 jobs in June, substantially higher than the 250,000 expected by economists polled by The Wall Street Journal, according to the monthly jobs report from the Bureau of Labor Statistics released Friday.
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