This Morgan Stanley strategist said bear markets end with recessions and stocks have reached a good entry point for investors.
It’s a Monday but there is optimism in the air. Tentative signs that the coronavirus spread may be slowing, despite the U.S. being set for its worst week so far, have encouraged investors, sending stocks surging higher - the Dow DJIA, +4.95% climbed more than 800 points at the open. New York reported a drop in new infections and deaths on Sunday and President Donald Trump said there was “light at the end of the tunnel.
“With the forced liquidation of assets in the past month largely behind us, unprecedented and unbridled monetary and fiscal intervention led by the U.S. and the most attractive valuation we have seen since 2011, we stick to our recent view that the worst is behind us for this cyclical bear market that began two years ago, not last month,” Wilson said in a note.
Antivirals and antibody therapies to beat coronavirus are showing promise but the Food and Drug Administration needs to up its pace, according to a former FDA commissioner. Oil futures dropped early on Monday after a crunch meeting between Saudi Arabia and Russia was delayed until Thursday, as tensions between the two countries ramped up over the weekend.
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