The stock market could be gearing up for new record highs before year-end as the 2022 bear market is over, Fundstrat's Tom Lee said in a note on Friday.
“The biggest takeaway for me on events of this week? Convincing and arguably decisive evidence the 'bottom is in' — the 2022 bear market is over,” he said.
Lee's confidence stems from the fact that between a negative GDP print, another 75-basis-point interest rate hike from the Fed, and more natural gas volatility due to Russia's Nord Stream pipeline drama, a lot of bad news occurred this week and yet the S&P 500 and Nasdaq 100 managed to stage a 3% rally.
“When bad news doesn't take down markets, it is time for investors to assess,” Lee said.
Too early to tell?
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