John Stoltzfus said Friday on CNBC's 'Squawk on the Street' that investors appear to be growing more confident in recent weeks.
The latest rally on Wall Street looks to have some staying power as investors dial back some of their negative outlook for the U.S. economy, according to a top strategist at Oppenheimer. John Stoltzfus said Friday on CNBC's " Squawk on the Street " that investors appear to be growing more confident in recent weeks. He dated the latest move up in stocks back to Oct. 12. The S & P 500 has gained about 12% since that day.
The run up for stocks has come as the Federal Reserve has signaled it will slow rate hikes soon and inflation readings have started to improve. The rally is showing that fears of a recession may be easing, Stoltzfus said. "We think the equity market has fairly well priced in a recession earlier on, then it's deciding that there may not be a recession. And the bond market looks like it's sort of caught in between," Stoltzfus said.
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