Market veteran Ed Yardeni is confident that the stock market is in a prime position for investors to jump in. Despite the recent pullback in stocks, Yardeni believes that this could actually be a great opportunity for investors to buy in.
Yardeni, the president of Yardeni Research, pointed to the latest drop in the Dow Jones Industrial Average, which fell over 600 points on Thursday due to concerns about inflation and interest rates. However, he remains optimistic about the long-term prospects of the market.
In an interview with Bloomberg, Yardeni advised investors to stay the course and not be deterred by short-term fluctuations. He believes that the US economy is strong and will continue to perform well, which bodes well for the stock market.
Despite lingering concerns about inflation, Yardeni sees the economy as resilient, with GDP growth and low unemployment. He noted that while consumers may be cutting back on goods spending, they are increasing their spending on services, which is supporting the economy.
Yardeni has been a vocal advocate for the idea that stocks are still in a long-term bull market that could last through 2030. He has even predicted that the S&P 500 could climb as much as 50% and the Dow Jones Industrial Average could reach 60,000 by the end of the decade.
Overall, Yardeni’s outlook is positive, and he sees the recent pullback in stocks as a potential buying opportunity for investors who are looking to capitalize on the long-term growth potential of the market.
