NEW YORK (TheStreet) — Stocks just wrapped up a stellar week, and given the dire headlines that Wall Street has already managed to shrug off, the bulls look to be firmly back in control.
When the swoon set in two weeks ago, it sure felt like catastrophic events like the earthquake in Japan and the upheaval in the Middle East and North Africa would legitimately slow the rally down but the quick snapback above key levels for both the Dow Jones Industrial Average and the S&P 500 proves the action was more profit-taking than panic-driven.
Ed Yardeni, a Wall Street veteran who founded his own namesake sell-side consulting firm Yardeni Research in 2007, still sees the S&P 500 reaching 1,500 by the end of the year and says the severity of the financial crisis has fortified investors to deal with headline trauma.
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