Stock prices are about to crash as the ‘perfect’ market of the last four decades comes to an end, a veteran investment chief has warned.
Tim Gramatovich, chief investment officer of Gateway Credit Capital, also told Insider that high prices are likely to stick around even as inflation shows signs of cooling.
The grim forecast came as the New York Stock Exchange was plunged into chaos when it opened on Tuesday after a technical glitch caused trading on shares for Morgan Stanley, Wells Fargo, Verizon and McDonalds to be temporarily suspended.
The Dow Jones Industrial Average, which covers 30 blue-chip American stocks, sat at $33,642 on Tuesday morning, down 1.86 percent over the past year.
Tim Gramatovich, pictured, chief investment officer of Gateway Credit Capital has warned that the perfect ‘bull market’ of the last four decades is coming to an end
Mr Gramatovich predicted stocks will soon be trading closer to ten times earnings rather than today’s multiples…