Wall Street forecasting more market ‘weakness’ to come: Brian Belski
BMO Capital Markets chief investment strategist Brian Belski tells ‘Varney & Co.’ when the stock market bottom will likely hit.
Stocks are rallying in the new year, surprising some market observers whose expectations were low following the worst year for equities since 2008, fueled by ongoing inflation and an economic downturn.
With a half hour before the market close, all three major stock averages are rising, extending Wednesday's gains. If the Dow, S&P 500 and Nasdaq Composite finish higher, it would mark the third straight positive close for the Dow and S&P — and fifth straight gain for the Nasdaq.
|I:DJI||DOW JONES AVERAGES||34189.97||+216.96||+0.64%|
|I:COMP||NASDAQ COMPOSITE INDEX||11001.104902||+69.43||+0.64%|
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In an interview with FOX Business, Richard Strasburger, a financial advisor at Alliance Wealth Partners, said "Most people were expecting the stock market to breakout, and many of them thought the breakout would be to the downside, possibly breaking the S&P 500 support level of 3,800-3,850."
"This week, the S&P closed up Tuesday and Wednesday, and it is currently up today," he continued. "But the market can change directions quickly, so we will have to wait and see if this is a breakout or a fake out."
Year-to-date, the Dow, S&P, and Nasdaq are trading over 3%, 4% and almost 6% into green territory respectively, after all three posted significant declines in 2022.