Bank of America Cuts S&P 500 Estimate by 9% After 6-Week Slide
- Strategist Subramanian sees second year of losses for index
- `Extreme' tumble so far makes prior target unattainable
Bank of America branch in New York.
Photographer: John Taggart/BloombergThis article is for subscribers only.
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The firm’s research team is the latest on Wall Street to lower expectations for the U.S. stock market in 2016, after one of the worst starts to a year on record wiped out more than $2 trillion in value. The bank now expects the Standard & Poor’s 500 Index to end the year at 2,000. The gauge rose 1.7 percent to 1,859.28 at 2:30 p.m. in New York, trimming its decline in 2016 to 9 percent.