Market / Economy

The stock market could pull back up to 7% before the end of 2020 - but investors should use it as a buying opportunity, says top Wall Street market strategist

Posted On: Nov 30, 2020   |   Posted By: Business Insider

The stock market could pull back up to 7% before the end of 2020 - but investors should use it as a buying opportunity, says top Wall Street market strategist

Summary List Placement
BNY Mellon's Liz Young told CNBC on Monday she is expecting up to a 7% pullback in stocks before the end of 2020, though investors should use this as a buying opportunity.
"You really have to look out three to six months, and think to yourself: are things going to be better than they are today? And I think the answer to that is yes," said the director of market strategy.
While the end of 2020 will be "a little bumpy," and the first quarter of 2021 will face lingering effects from the current wave covid cases, a healthy recovery in the economy and stock markets will begin in the second quarter of next year, Young said.
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Major stock indexes are reaching record highs, but BNY Mellon's Liz Young sees a bumpy finish to 2020. She told CNBC on Monday that stocks could pull back up to 7% before the end of the year, but investors should buy the dip as the economy is set to recover in 2021.
Both the Nasdaq and S&P 500 closed at record highs on...

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