The S&P 500 will fall 8% by the end of 2020, according to Bank of America's equity chief, who says a Joe Biden victory could tank stocks
Jul. 10, 2020, 11:48 AM
/Bank of America's head of equity research predicts the S&P 500 index will fall to 2,900 by the end of the year, an 8% decline from current levels, MarketWatch said.
"I wouldn't paint myself as a bear, but the risks between here and year-end are completely to the downside," Savita Subramanaian said in a webinar conducted by the bank.
She pointed out that a Joe Biden victory in November could reverse market-friendly policies, and push stocks lower.
For investors favoring stocks that benefit from the coronavirus, she recommended leaning towards consumer staples, industrials, technology, and financials instead./
Whomever will be next POTUS Nov2020, may have issues next year dealing with COVID19 morbidity and mortality. If virus linger on this fall/winter may drag market down /stagnation next 3-24 months
Not sure many investors will highly consider Biden because of high corporate taxation.
His plans for middle income Americans are almost similar to Trump for now, no plans to increase taxation.
Anyone have data for Biden proposed 401k plans / brokerage accounts [? any new fees or taxation plans]