The stock market is about to be saved by strong 3rd-quarter corporate earnings as year-end rally shapes up

Mon, 10/02/2023 - 10:19

Consumer spending US economy markets — A resilient consumer has helped stave off a recession so far, but that may not last.
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A resilient economy is going to save the stock market with a year-end rally looking likely, according to Ed Yardeni.
Yardeni said that because third-quarter GDP is running ahead of analyst expectations, corporate earnings results should be strong.
"We see a yearend Santa Claus rally back to 4600, or close to that level," Ed Yardeni said.

Strong corporate earnings are set to save the stock market after a poor showing in the third quarter, according to market veteran Ed Yardeni.

Yardeni said in a Sunday note that while the S&P 500 could still fall to its rising 200-day moving average at about 4,200, there's more upside than downside heading into year-end.