The S&P 500 may be on a roll this year, but don't expect it to make double-digit percentage gains in the coming years, says the longtime market strategist.
that investors should not expect that type of annual gain past the end of the year.
"You're going to have rising [bond yields], so you won't have multiple expansion. So the equity market will rise maybe 5% annually, and you're going to have to adjust to that," he reasoned. "The 10% to 15% [return] years are over for a while." On Thursday, around 12 p.m. ET, the S&P 500 was about 10 points or so away from its all-time high of 3,027.98. For 2019, the index is up more than 20%.went on a wild August ride
on trade headlines and recession angst, finishing nearly 2% lower last month and logging the worst monthly performance since its 6.6% decline back in May. However, as it became clear the Federal Reserve would cut interest rates again in September, which it did Wednesday, and the U.S. and China worked towards restarting trade talks in October, the S&P 500 is up more than 3% this month.
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