Allianz Global Investors’ Mona Mahajan won’t rule out market consolidation over the next several weeks.
But she’s painting a bullish long-term picture that’s chiefly tied to a key advancement on the coronavirus front.
“We’ve had tremendous vaccine news,” the firm’s senior U.S. investment strategist told CNBC’s “Trading Nation” on Tuesday.
Since yesterday’s encouraging vaccine announcement from Pfizer and BioNTech, the Dow jumped 4% while the S&P 500 gained 1%. Meanwhile, the Nasdaq fell 3%.
She believes the environment sets the stage for sustainable rotation into groups that benefit the most from a widespread economic reopenings. Read from source….