Home » Markets » Dow, S&P, Nasdaq post best month since 2020 but pitfalls remain
Dow, S&P, Nasdaq post best month since 2020 but pitfalls remain
Markets will move higher, expert predicts
Fundstrat Global Advisors managing director Mark Newton provides insight on high-performing stocks on ‘Making Money with Charles Payne.’
Investors rounded out the month with a basket of red flags on the economy, yet all three of the major market averages posted the best month since 2020 taking inflation and recession confirmation in stride.
For the S&P 500, the broadest measure of stocks, investors would need to go back to 1939 to see a similar July performance. Overall, the benchmark rose 9.1% during the month, the largest percentage and point gain since November 2020, according to Dow Jones Market Data Group.
And it may continue to climb, according to Fundstrat Global Advisors managing director Mark Newton, who forecasts a 4,000 to 4,200 target by mid-September, yet he cautions he may come without some pullbacks.
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"The first part of August historically has been negative and a lot of cycles show that markets should consolidate a bit over the next couple of weeks. For investors that are just waking up to this rally, I don’t think this is the ideal spot to position new money" he advised.