Morgan Stanley, easily Wall Street's most bullish firm on stocks in 2017, is taking a more moderate view of the year ahead. They have pegged a year-end target on the S&P 500 of 2,750 that should be achieved — as a peak — in the first half of the year
This year is on track to go down as one of the most peaceful in market history. The CBOE Volatility Index fell to a record low of 8.56 on Black Friday's short day of trading.
Traders have bet on low volatility this year because many economies are growing simultaneously and earnings forecasts are strong across sectors, said Mike Wilson, the chief US equity strategist at Morgan Stanley.
"We cited low interest rate, currency, credit and economic data volatility combined with very low earnings estimate dispersion as good reason for low equity volatility, and we implored clients to embrace it rather than fear it," Wilson said in a note Monday.
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