Fundstrat's Tom Lee Says "Buy the Dip" in the S&P 500 -- Here's Why
Tom Lee is the co-founder and managing partner of Fundstrat Global Advisors, and he entered 2023 as the most bullish voice on Wall Street. Back in December, he was telling CNBC there was an outside possibility that the U.S. Federal Reserve would not continue to raise interest rates in the new year and that the policy adjustment would light a rocket under the stock market.
As a sign of his bullishness, he and his firm issued a 2023 price target for the benchmark S&P 500 index of 4,750 (the highest on Wall Street at the time). We know Lee was wrong about the Fed because rates continued to rise until recently, but his call about the stock market's performance has been nearly spot-on so far. We're only halfway through the year, and the S&P 500 has already climbed 13.3% and set a 2023 high of 4,425.
After the broader market traded in the red last week, Lee is out with a fresh call to "buy the dip." Here's why.
Source Fool.com
