Wall Street Turns Bearish on Stocks After Bad Year
- Average forecast points to another drop for S&P 500 in 2023
- Gap in highest, lowest targets is widest in more than a decade
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One bad year in the stock market has turned Wall Street strategists into bears after two decades of bullishness.
The average forecast of handicappers tracked by Bloomberg calls for a decline in the S&P 500 next year, the first time the aggregate prediction has been negative since at least 1999. Most of them turned progressively more dour as the worst year in the market since the financial crisis moved toward its end.