'Real' trade deal could vault S&P 500 to record high: BofA [Business News Network (BNN) Energy & Resources (Canada)]
Bank of America Corporation (BAC)
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Source: Business News Network
'Real' trade deal could vault S&P 500 to record high: BofA With stocks rallying this year amid signs of nascent progress in China-U.S. trade talks, investors may be inclined to conclude that there is not much upside left when a deal is reached. That’s wrong, warned Bank of America. The firm’s model on corporate earnings and equity valuations suggests that the market has priced in “a partial deal,” one where only some of the issues get resolved in favor of corporate America, according to strategists led by Savita Subramanian. In a best-case scenario, the S&P 500 could climb 5 per cent to 10 per cent when a “real deal” is struck. That would take the index to as high as 3,020 from the latest close, a level that exceeds the September all-time high of 2,930. Companies from 3M Co. ( MMM.N ) to Stanley Black & Decker Inc. have slashed their guidance this year, citing either trade tensions or weakening demand in China. While both China and the U.S. have expressed optimism over the progress du
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