The Federal Reserve has taken the necessary steps in stabilizing stocks, and the market is now in a “much better place” than it has been for some time, Chris Harvey, head of equity strategy at Wells Fargo Securities, said Wednesday on CNBC’s “Trading Nation.”
Wells Fargo Strategist Finds Signs Of Hope
The coronavirus has yet to be resolved, but there are initial signs its devastation has peaked in Italy and “perhaps” even in New York City, Harvey said.
The timing comes just one week ahead of the first round of earnings reports, which Harvey said will still be “difficult.”
Over the next few days and weeks, Wall Street’s earnings estimates are likely to come down “dramatically,” but this shouldn’t necessarily deter investors from buying stocks at current levels, he said.
Investors shouldn’t shy away from seeking opportunities after the recent “destruction” in stocks, the strategist said.
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