A decline of 10% in the benchmark S&P 500 stock index before the U.S. presidential election in November is 'highly likely,' Morgan Stanley Chief Investment...
NEW YORK - A decline of 10% in the benchmark S&P 500 stock index before the U.S. presidential election in November is "highly likely," Morgan Stanley Chief Investment Officer Mike Wilson said in an interview on Monday with Bloomberg TV.
Wilson maintained a bearish outlook for the majority of this year, one of few prominent forecasters to do so. In late May, he lifted his base-case 12-month forecast for the S&P500, an estimate of what the fair value of the index will be in a year, to 5,400 points. At the time, that was only 2% above its level but 20% higher than his previous forecast of 4,500.
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