Veteran fund manager who predicted the S&P 500 rally updates forecast after Fed, China news
Here's what the stock market could do next.
Updated 4:00 pm EST
This article has been updated to include statements regarding the May 7 Federal Open Market Committee's decision to hold the Fed Funds Rate steady at a range of 4.25%–4.50%.
The S&P 500 and Nasdaq indexes have rallied sharply since April 9, when President Trump announced a pause in his newly proposed reciprocal tariffs pending trade deals.
The double-digit gains were welcome news to investors who had been hit hard since February due to fears of a weakening U.S. economy, sticky inflation, job losses, and tariff threats. From its peak in mid-February to its low on April 8, the S&P 500 retreated 19%, nearly entering bear market territory before rebounding.
