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Does the U.S. Bull Market Still Have Room to Run?

Two of our top experts discuss what investors should watch for next

U.S. EQUITIES HAVE REBOUNDED strongly in the 10 years since the global financial crisis threw markets around the world into a tailspin. Just this past August, the S&P 500 marked the longest-running bull market in American history. But there have been signs that returns for stocks are slowing, and some are wondering whether the bull market has run its course. So what should investors watch for from here? And do stocks still have room to grow?

For answers, Chris Hyzy, chief investment officer for Merrill Lynch and U.S. Trust, spoke with Michael Hartnett, chief investment strategist for BofA Merrill Lynch Global Research. In this wide-ranging audio conversation, they discuss their outlook for equities, the factors that are driving the investment landscape, and which sectors look most attractive as the current market cycle continues to mature.

LISTEN TO THIS AUDIOCAST for insights on the longest-running bull market in American history

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For more insights, read “The Long Road Back: Portraits of the Financial Crisis 10 Years Later.”

3 Questions to Ask Your Advisor

  1. Which sectors could be best positioned for growth in today’s market?
  2. How should I respond during periodic bouts of volatility?
  3. How could slower growth abroad impact the U.S. market?

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All data as of 09/20/18 and subject to change.


Investing involves risk, including the possible loss of principal.

Asset allocation, diversification, dollar cost averaging and rebalancing do not ensure a profit or protect against loss in declining markets.

Past performance is no guarantee of future results.

The views expressed are those of the Chief Investment Office (CIO) only and are subject to change. This information should not be construed as investment advice. It is presented for information purposes only and is not intended to be either a specific offer by any Merrill Lynch or U.S. Trust entity to sell or provide, or a specific invitation for a consumer to apply for, any particular retail financial product or service that may be available.

Global Wealth & Investment Management (GWIM) is a division of Bank of America Corporation (BofA Corp.) Merrill Lynch Wealth Management, Merrill Edge®, U.S. Trust, and Bank of America Merrill Lynch are affiliated sub-divisions within GWIM. The Chief Investment Office, which provides investment strategies, due diligence, portfolio construction guidance and wealth management solutions for GWIM clients, is part of the Investment Solutions Group (ISG) of GWIM.

The investments discussed have varying degrees of risk. Some of the risks involved with equities include the possibility that the value of the stocks may fluctuate in response to events specific to the companies or markets, as well as economic, political or social events in the U.S. or abroad. Bonds are subject to interest rate, inflation and credit risks. Investments in high-yield bonds may be subject to greater market fluctuations and risk of loss of income and principal than securities in higher rated categories. Investments in foreign securities involve special risks, including foreign currency risk and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are magnified for investments made in emerging markets. Investments in a certain industry or sector may pose additional risk due to lack of diversification and sector concentration. Investments in real estate securities can be subject to fluctuations in the value of the underlying properties, the effect of economic conditions on real estate values, changes in interest rates, and risk related to renting properties, such as rental defaults. There are special risks associated with an investment in commodities, including market price fluctuations, regulatory changes, interest rate changes, credit risk, economic changes and the impact of adverse political or financial factors.

Any information presented in connection with BofA Merrill Lynch Global Research is general in nature and is not intended to provide personal investment advice. The information does not take into account the specific investment objectives, financial situation and particular needs of any specific person who may receive it. Investors should understand that statements regarding future prospects may not be realized.

BofA Merrill Lynch, through business units other than BofA Merrill Lynch Global Research, may have issued and may in the future issue trading ideas or recommendations that are inconsistent with, and reach different conclusions from, the information provided in this discussion. Such ideas or recommendations reflect the different time frames, assumptions, views and analytical methods of the persons who provided them, and BofA Merrill Lynch is under no obligation to ensure that such other trading ideas or recommendations are brought to the attention of any participant of this video.


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