On April 28, some strategists on Wall Street were pessimistic about the US stock market, but Andrew Slimmon, a senior portfolio manager at Morgan Stanley, believed that the situation should not be any worse.
Slimmon said the S&P 500 is expected to close above 4,200 this year. That would be nearly 4% above its recent close.
Slimmon acknowledged that renewed concerns about the banking system have made it possible for the S&P 500 to fall to 3,900 before eventually rebounding above 4,200.