'Foolish to stand in the way': Fed support and the day-trading boom will drive stocks higher, analyst says
"This is a market that's destined to go higher," he said."We could have new highs before the end of the year."in early March in response to the coronavirus threat, rationalized his shift from bear to bull.
"I did not appreciate what the Fed's actions to support the market were gonna do to the retail community," he said. "There has been a massive flood of money" from retail investors, he continued, because they believe that markets"always go up, you can't lose, the Fed is there."How to navigate a chaotic market: Exclusive video discussion with 3 top Wall Street stock strategists
The retail inflows show few signs of stopping and threaten to inflate an already overvalued market, Bianco added. The frenzy could be halted by a second wave of coronavirus infections, a sluggish economic recovery, or a change in the Fed's behavior, he cautioned.Apple is facing rage and insurrection from developers over the commission it charges apps on the App Store »
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fed's unprecedented support for stocks pushes James Bianco out of the bear camp, sees potential for new record highsFed's unprecedented support for stocks pushes James Bianco out of bear camp, sees potential for new record highs (via TradingNation)
Read more »
European markets head for higher open after U.S. rally on Fed's additional supportEuropean stocks are expected to open higher Tuesday as investors react to the U.S. Federal Reserve's latest announcement and focus on central bank action around the world.
Read more »
Stimulus splurge restarts stocks rallyWorld shares jumped as sentiment was lifted by the launch of the U.S. Federal Reserve's corporate bond buying program and concerns about a second wave of global coronavirus infections eased
Read more »
Fed's Powell says US economy is entering bounce-back still clouded by 'significant uncertainty' | Markets InsiderFederal Reserve Chairman Jerome Powell said Tuesday that the US is nearing the end of its shutdown phase and beginning to bounce back. The centr...
Read more »
Global Stocks Follow U.S. Markets HigherInternational markets and U.S. stock futures gained, as the Federal Reserve’s latest support for financial markets outweighed concerns about a new wave of coronavirus infections.
Read more »
Japan up nearly 3% as Asia stocks jump following overnight Wall Street comebackShares in Asia jumped in Tuesday morning trade following a dramatic bounce back overnight on Wall Street.
Read more »