US stocks climb as inflation report soothes anxious investors - CNN
Stocks are at record highs, a far cry from when the pandemic first took the United States in a chokehold.
"We're up about 100% from the low," said Joe Duran, head of Goldman Sachs Personal Finance Management.
In a typical expansion, the market goes up about 200%, he added — so that means the market is around the halfway mark of how high it can go.
Duran sees a 75% likelihood that there will be a 10% correction in the market, he told Alison Kosik on the CNN Business digital live show Markets Now. "But that's different than a bear market," he added.
For investors that means not to make any sudden moves: "The economy is still recovering. We're still very bullish but there will be corrections going forward," Duran said.
The spread of the Covid-19 Delta variant might slow things down a little in terms of the recovery, which could be helpful in putting a damper on the inflation heat. Meanwhile, spending from the infrastructure bill that was passed in the Senate yesterday could help a lot of stocks that didn't do well during the height of the pandemic, Duran said.
"You should still own technology stocks, but maybe rebalance so that you're not overweight those stocks that did well last year," Duran said.
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