The bulls take a victory lap
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The bulls take a victory lap
The thud downward today in the stock market was not nearly enough to erase one of the strongest months ever for share prices. The outlook is sketchy with Europe’s finances still a mess and so many Americans looking for work. But stock market bulls love the volatility.
Jeffrey Saut is chief investment strategist at Raymond James & Associates in St. Petersburg, Florida. He’s been watching the markets for more than four decades, and this October rally doesn’t surprise him. With nearly two-thirds of the S&P 500 firms reporting so far, profits are up nearly 25 percent and revenues are up nearly 13 percent. And that all means it’s been a great time to be in the game.
Saut says market volatility offers great opportunities for the well-prepared investor. Saut says even back in the dog days of August, he never doubted an October rally.
And he doesn’t think U.S. economy is going into a recession. Saut says there’s the long-term picture looks good from here on out, so come on in, the water’s fine.
Also on the show today, news that more and more kids are being exposed to sugary drink ads has the Marketplace Daily Pulse congested today. Sugary drinks lead to obesity and that’s not a good thing for the economy. Read the full story.
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