U.S. Market Pundits Wrong On Recession Prediction

Heading into 2023, most of Wall Street’s top prognosticators were predicting more pain for the stock market following last year’s disaster.

With the S&P 500 Index points away from a record high, the few market observers who saw the equities rebound coming can claim vindication.

And just like Team Recession when it came to a US soft landing, they were wrong, as reported by David E. Rovella for Bloomberg News.

Only a handful of market observers saw the equities rebound coming.

Now, with the S&P 500 Index points away from a record high, these bulls can claim vindication. As for 2024, they see more strength as the labor market remains solid and conviction about Federal Reserve rate cuts rises.

“We talked about the market maybe making new highs, and people thought we were crazy,” said Carson Group Holdings LLC’s chief strategist, Ryan Detrick.

“But we were surprised at the overwhelming negativity that was out there. It’s important for people to remember that the market had priced in a lot of bad news.”

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem