NEW YORK (Reuters) - Stocks have seen the worst of the declines and
are poised to head higher boosted by a spate of interest rate cuts by
the Federal Reserve and spending linked to the government's economic
stimulus package, a leading equity strategist said on Tuesday.
Sam Stovall, chief investment strategist and chairman of the
investment policy committee at Standard & Poor's, reiterated a
forecast by his firm calling for the benchmark S&P 500 (.SPX) to
finish 2008 at the 1,560, about 5 points shy of the index's record
close set in October 2007.
"We do have a good likelihood of retracing our steps at least up to
the 1,560 level," he told an investment outlook teleconference. "Much
of the decline we've experienced is likely over in our opinion. We
believe the worst is over and we could see the market work its way
higher."
(Reporting by Ellis Mnyandu; Editing by Theodore d'Afflisio)
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Will Sam Stovall put your money where his mouth is?
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