- Title: Wall Street starts 2020 with records as China stimulus adds to optimistic mood
- Date: 2nd January 2020
- Summary: NEW YORK, NEW YORK, UNITED STATES (JANUARY 2, 2020) (REUTERS) (SOUNDBITE) (English) LADENBURG THALMANN ASSET MANAGEMENT CEO PHIL BLANCATO, SAYING: "So going into this year when you look at current valuations, stocks are not cheap. But the bond market is really expensive. So first I would say, one, you should favor stocks over bonds this year. No doubt about it. I think you need to be... the idea that there is still a lot of cheap money around. You can still borrow inexpensively. You can expand. You can have cap-ex. You can have m&a. And for that, we should see a little bit of earnings lift-off. Because a year after flat earnings, a little bit of earnings growth should help valuations come in a bit. And having that sort of mild equity market makes sense to me this year for the stock market."
- Embargoed: 16th January 2020 21:15
- Keywords: 2020 Phil Blancato Wall Street closing bell equities stocks
- Location: NEW YORK, NEW YORK, UNITED STATES
- City: NEW YORK, NEW YORK, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets
- Reuters ID: LVA002BUHCUX9
- Aspect Ratio: 16:9
- Story Text:Wall Street's major indexes notched record highs to open the new year on Thursday (January 2), as fresh economic stimulus from China added to optimism fueled by easing trade tensions and an improving global outlook.
The Dow Jones Industrial Average rose 330.36 points, or 1.16%, to 28,868.80, the S&P 500 gained 27.07 points, or 0.84%, to 3,257.85 and the Nasdaq Composite added 119.59 points, or 1.33%, to 9,092.19.
(Production: Angela Moore)
- Copyright Holder: REUTERS
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