Lots of worries in the market: John Stoltzfors of Oppenheimer

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Long-term market bullish John Stoltzfus questioned the endurance of a comeback in October.

He cited the risks associated with Covid-19 variants, soaring inflation and Washington policy as catalysts that may curb Wall Street’s interest in stocks by the end of the year.

“There are a lot of concerns in the market,” Oppenheimer Asset Management’s chief investment strategist told CNBC’s “trading country” on an important day for the Dow Jones Index on Wednesday. It set its first intraday high since August 15.

Based on market activity since 2008, Stoltzfus believes that the possible sharp drop at this time should not scare investors. In a recent report, he highlighted a chart showing that the S&P 500 index has undergone six corrections since March 9, 2009, which marked the lowest point of the financial crisis and the beginning of the next bull market.

“Markets do not grow like trees. They do not grow into the sky, nor do they grow straight up,” Stoltsforth said. “You have periods when you can make corrections. You may even have times when you are approaching a bear market or a bear market.”

Despite the risk of a recent correction, Stoltzfus believes that corporate profits and economic strength are encouraging.

He added: “In the sense of good corporate profitability, these fundamentals are still strong.” “We are moving towards a recovery process. With the support of the sustainable expansion of the United States, it is likely to become a global economic recovery.”

Stoltzfus expects the stock market to “cross the wall of worry” before the end of the year. His S&P 500 index year-end goal is 4,700, which means an increase of about 4% from current levels.

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