Economic 'nirvana' will likely boost stocks to records, market bull Ed Yardeni predicts (via TradingNation)
Despite uncertainty surrounding inflation and Covid-19 variants, the longtime bull believes the
is significantly accelerating corporate America's adoption of cutting-edge technology designed to expand productivity."Buy a little bit of everything," the president of Yardeni Research told CNBC's "Yet, he acknowledges the current price tag may be hard to swallow."Look, everything has been picked over. Nothing is cheap ," he said. "It's hard to tell people right here that now's the time to jump in.
Yardeni, who ran investment strategy for Prudential and Deutsche Bank and worked for the New York Federal Reserve, sees encouraging signals that typically boost stocks. "Labor force growth has slowed dramatically, and there's a tremendous pressure on companies to use technology to offset that," Yardeni said. "That means increasing productivity. So, I've got this very bullish story, I think, for activity that isAs a result, Yardeni sees wages rising faster than prices and margins staying high — a recipe for strong corporate profits.
Even though challenges remain, Yardeni predicts the S&P 500 will jump 12% from current levels as long as the U.S. avoids"I've got 5,000 on the S&P 500 by the end of next year or earlier," Yardeni said. "
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