Markets are overrun with bearish sentiment that ignores the resilient economy, strategist says; 'Earnings can hang in there'
The outlook on the economy isn't all bad when you take a closer look, according to Hightower Advisors chief investment strategist Stephanie Link. that despite overwhelming bearish sentiment on Wall Street, the US economy has thus far been resilient, even though the Federal Reserve may trigger a slowdown with interest rate increases.
She cited a 2.7% fourth-quarter growth clip for US gross domestic product as a bullish indicator and the Atlanta Fed's first-quarter GDP tracker showing a 2.5% expansion rate. "As a result, earnings can hang in there," she said, noting that earnings are up 6.5% when excluding the tech sector but down 2% including it.
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