Biggest U.S. Stocks Look Like Global Havens to Bank of America
ByTo Bank of America Corp. equity strategist Savita Subramanian, the forces that torpedoed blue chip U.S. stocks last week may be the same ones that pull them back up.
American equities joined foundering currencies and commodities around the world as the Standard & Poor’s 500 Index tumbled 5.8 percent and the Dow Jones Industrial Average entered a correction. Until now, U.S. stocks had been a pool of tranquility amid a slowdown in China, oil’s 60 percent plunge and geopolitical wrangling in Europe.
While slowing global growth is behind the anxiety, it’s also a potential reason for optimism about the biggest S&P 500 companies, with the U.S. economy outpacing its peers, according to Subramanian. Profits in the index, which are falling now, are projected to rebound 10.5 percent in 2016 and 12.8 percent in 2017, analyst estimates compiled byBLOOMBERG
show…
Biggest U.S. Stocks Look Like Global Havens to Bank of America
