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Aug 28: Stuart Schweitzer on the prospects for the equity market
Stuart Schweitzer, global market strategist for JP Morgan's Private Bank says investors are questioning the rally in stocks from their lows in March and they are "all waiting for is to see whether and to what degree employment comes back." He says "employment, and with that consumer spending, is the real key in here. The loss of jobs in this downturn has been really unprecedented." Mr Schweitzer also says the scope of the rally requires some context. "We came back from the intra-day low of 666 to 900 pretty quickly. I would say that what we've had since then is an advance from 900 to 1,000 or a little bit more 1,000 to 1,050 in that zone; it's not as dramatic an advance as it is when you think about it relative to that Armageddon fear driven low back in March."