We're back at all-time highs.
Despite a jobs report on Friday that disappointed, the S&P 500 closed at a fresh all-time high of 2,007.
In his investment strategy update for September, Jon Stoltzfus, chief market strategist at Oppenheimer, sees a chance for stocks to run higher still.
"In the near term we expect that investors could just as easily bid stocks somewhat higher as seek a catalyst for some profit taking. So long as tensions in the Middle East, Ukraine and elsewhere around the globe remain on the front burner, a certain unquantifiable degree of uncertainty is likely to remain an overhang to market performance," Stoltzfus writes.
Overall, Stoltzfus still reiterates his call for the S&P 500 to finish the year at 2,014, with volatility likely persisting, "as both the bond and stock markets practice price discovery in anticipation of adjustments that could lie ahead in Fed policy and interest rates as the world turns and the economic expansion moves forward."
Thanks to Oppenheimer & Co. for giving us permission to run the presentation.
The U.S. economy is still operating below potential.
Without wage growth inflation will likely remain low.
Rates ran too far, too fast at the end of 2013.
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