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Stocks still have major upside potential with the Fed poised to backstop sluggish stimulus progress, says the world's largest wealth manager

14 days ago   |   By Business Insider

Spencer Platt/Getty Images
Investors continue to cling onto hope that another round of fiscal stimulus to combat the COVID-19 pandemic will be passed by Congress. While more stimulus would likely provide a boost to stocks, any setbacks in the deal making process "won't derail equity rally," UBS chief investment officer Mark Haefele said in a note on Friday. Potential setbacks became clear this week after Senate Majority Leader Mitch McConnell called a stimulus proposal from the Democrats "unserious." "While near-term uncertainty could persist, we believe the case for further upside in...
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