Market timer McClellan sees sharp stock-market selloff ‘beginning imminently’ – News Couple

Market timer McClellan sees sharp stock-market selloff ‘beginning imminently’

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Stocks closed lower, indices still poised for big yearly gains

Wall Street closed lower on Thursday, pulling back in light holiday trading from record highs set early in the session on the back of strong US data including a drop in weekly claims for unemployment benefits. The Dow Jones index ended down a quarter of a percent. The Standard & Poor’s index closed down three tenths of one percent. The Nasdaq ended marginally lower, with only one trading day remaining, the S&P 500 was set to finish the year 27% higher, with the Nasdaq up nearly 23% for the year and the Dow’s yearly up 20%. John Ventou, head of comprehensive wealth management, said he doesn’t think “the party is completely over” for the stock market. [FLASH] I think we’re halfway through this expansion process, and I don’t think the party is over yet. I think 2022 should be a strong year. The only indicator that was slightly negative – and wasn’t actually negative, it became a cautionary tale – was wage growth. But, quite simply, what that means is that wage increases have not kept pace with the current rate of inflation. So I’m not too worried about that. [FLASH] I will not withdraw my money from the market yet. I think we have a good 2022 ahead. In company news, shares of US drugmaker Biogen closed 7 percent lower after Samsung BioLogics denied a media report that it was in talks to buy the company. 1.5 percent after the National Highway Traffic Safety Administration said the company is recalling nearly of half a million electric vehicles to address safety issues, including a problem with Model S bags that Tesla said could open “without warning and obstruct the driver’s view, increasing the risk of a crash.” Pfizer shares closed nearly 1% and a half. After the New York Times reported that the Food and Drug Administration plans to allow booster doses of Pfizer-BioNTech’s COVID-19 vaccine for children ages 12 to 15. Encouraged by mounting evidence that the Omicron variant causes COVID-19 infection 19 is less severe than the delta variant.

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