Here’s why the stock market may surprise everyone and ‘melt-up’
Amidst the expanding number of Wall Street bears right now, there is Chris Harvey, Wells Fargo Securities head of equity strategy.
The nearly 30-year markets veteran is staying bullish on his outlook for stocks despite the naysayers looking for market plunges into year-end. Harvey is calling for the S&P 500 to end the year at 4,825, or up 8% from current levels.
For Harvey, there continues to be several key drivers of higher stock prices still in play.
“Our 4,825 call is what we call an equity market melt-up,” Harvey said on Yahoo Finance Live.
Harvey explained, “One of the things we want to tell clients and investors is that we have history on our side. We look back to 1990 and looked at periods where the equity market was up double-digits in the first eight months of the year. We had nine such instances, and in every single one of those periods the equity market continued to move…