(Bloomberg) — The stock market will continue its uptrend in the second half of 2024, albeit at a slower pace following a double-digit run since January, according to Morgan Stanley’s Lisa Shalett.
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“The path of least resistance between now and the end of the year is for the market to grind higher,” the chief investment officer of the bank’s wealth management unit said Thursday in an interview with Bloomberg Television. That said, investors should have “measured expectations” around the magnitude of equity returns from now through December, with the S&P 500 Index already up 12% year-to-date, Shalett added.
The US stock benchmark held steady on Thursday after notching its 25th closing record this year on economic and profit growth, artificial intelligence excitement and optimism that the Federal Reserve could reduce interest rates this fall. The next big hurdle for equity investors is Friday’s…
