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ORLANDO, Florida, April 23 - History suggests Wall Street's recent 5% mini-correction won't be its last this year, but stocks face potentially higher earnings and interest rate hurdles in the second half of the year if investors' bullish expectations are to be met.
But it must be remembered that the March 28 peak was the culmination of an explosive 30% rally over the preceding five months, propelled by an even more frenzied surge in a handful of mega tech stocks. If the recent 5.5% pullback turns out to be the maximum this year, it will be the fifth-smallest in almost a century, Detrick says.
That might be a challenge if the Federal Reserve doesn't cut interest rates at all this year, as SocGen economists are now forecasting. Some 83% of respondents expect the S&P 500 to end the year at 5,000 points or higher, and two-thirds are forecasting 5,250 or higher.
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