U.S. stocks will end this year around current levels as the coronavirus pandemic cripples the economy and eats into earnings, according to strategists .
The market has been on a tear in recent weeks, and stocks are up sharply from the March low of their coronavirus-fueled tumble, but the benchmark S&P 500 .SPX stock index is still down since the start of the year.
The S&P 500 .SPX will end 2020 at 2,950, according to the median forecast of nearly 50 market strategists and fund managers polled by Reuters in the past two weeks. That would represent a 1.4% decline from Tuesday’s close of 2,991.77 and a 8.7% fall from the end of 2019.
Many strategists believe a return to the March lows is unlikely because of the substantial stimulus from the U.S. government and Federal Reserve, but they said there were still plenty of risks to derail the market.