Stocks will end 2023 higher, but 'Fed has gone too far' - David Nelson DavidNelson stock SP500
- The stock market rally, which has seen the S&P 500 up 11.8 percent year-to-date, will continue until the end of the year. That is according to David Nelson, Chief Strategist at Belpointe Asset Management and Host of The Money Runner podcast, who suggested that the S&P could finish the year 6 percent higher.
Nelson, who has over three decades of experience in finance, including senior roles in Lehman Brothers and Morgan Stanley, suggested that investors still have cash to deploy in stocks, and are simply"sitting out there, looking for opportunities to get in.""So much capital is going into AI and other large language models out there," he observed.
However, Nelson suggested that the "Fed has [already] gone too far" with its rate hikes, which saw the Fed Funds Rate increase by 500 bps over the course of a year.
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