'Give me some of that money' | Ready to rally? | Rich investors nervous

TUE, NOV 12, 2019

EVENING BRIEF

AS OF TUE, NOV 12, 2019 • 04:01 ET

DJIA		27691.93
		+0.00%	+0.44

S&P 500		3091.92
		+0.16%	+4.91

NASDAQ		8486.09
		+0.26%	+21.81

Most Active

DOW
NAME	LAST	CHG	%CHG
AAPL	261.96	-0.24	-0.09%
MSFT	147.07	+0.96	+0.66%
CSCO	48.37	+0.27	+0.56%

S&P 500
NAME	LAST	CHG	%CHG
AMD	36.71	+0.40	+1.10%
GE	11.42	+0.07	+0.62%
BAC	33.10	-0.08	-0.24%

NASDAQ
NAME	LAST	CHG	%CHG
AMD	36.71	+0.40	+1.10%
AAPL	261.96	-0.24	-0.09%
SIRI	6.93	-0.03	-0.43%

EDITOR'S NOTE

A stock market rally is just getting started, Bank of America Merrill Lynch strategists say. Yet more than half of wealthy investors around the world are bracing for a big sell-off next year, according to a UBS survey.

Market observers, on the whole, seem undecided, even as the Dow Jones Industrial Average, the S&P 500 and the Nasdaq traded near their highs on Tuesday.

Bank of America chart strategists Stephen Suttmeier and Jordan Young have made a technical case for a 20% jump in stocks after months of market consolidation, writes CNBC's Patti Domm. Once the S&P 500 surged past the 3,063 level, it marked the "bears' last stand," the strategists wrote.

Market highs could portend a breakout to even more gains, or they might just give investors the jitters. CNBC's Yun Li writes that 55% of more than 3,400 high net worth investors surveyed by UBS expect a significant drop in the markets in 2020.

"Investors see reasons to be cautious in the new year," said UBS Global Wealth Management's client strategy office in a note Tuesday. "Two in three global investors believe markets now are driven more by geopolitical events than business fundamentals."

On the geopolitical front, President Donald Trump offered a litany of economic successes in a speech before the Economic Club of New York on Tuesday, but his boasts did nothing to move markets. Trump also bashed the Federal Reserve for not lowering interest rates fast enough while some other nations are selling bonds with zero to negative interest rates. If it weren't for the Fed, the president said, the market would be even higher.

"Give me some of that," he said. "Give me some of that money. I want some of that money."

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