The 2020 U.S. presidential candidates, the incumbent included, are leaving one prominent bullish investor feeling his least optimistic in more than a decade. Michael Purves, chief executive officer at Tallbacken Capital Advisors LLC, is now expecting the S&P 500 Index to end the year at 2,700, a 8.5% drop from Friday’s close. The market is back to what what he calls a “wolf” market, a term he coined in 2010. He defined that as “very volatile and very range-bound.” Now, he said, “When you have Trump, Warren, Sanders on the front page of the newspapers, it’s a different type of wolf market than it was in 2010.” “None of these presidential outcomes is screaming pro-growth,” he said. The S&P 500 has fallen in seven of the past 10 weeks, even after posting on Friday its biggest one-day gain since Aug. 16. The choppy trading he described as characteristic of a “wolf market” may continue through the year-end. More than 20 other forecasters tracked by Bloomberg expect the U.S. stock index to end the year at 2,939, about where it’s been trading in the past week. The S&P 500’s 18% gain this year makes it one of the 10 best-performing stock… Read full this story
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