The S&p 500 Will Fall 8% By The End Of 2020, According To Bank Of America's Equity Chief, Who Says A Joe Biden Victory Could Tan

Brad Barket/Getty Bank of America's head of equity research predicts the S&P 500 index will fall to 2,900 by the end of the year, an 8% decline from current levels, MarketWatch said. "I wouldn't paint myself as a bear, but the risks between here and year-end are completely to the downside," Savita Subramanaian said in a webinar conducted by the bank. She pointed out that a Joe Biden victory in November could reverse market-friendly policies, and push stocks lower. For investors favoring stocks that benefit from the coronavirus, she recommended leaning towards consumer staples, industrials, technology, and financials instead. Visit Business Insider's homepage for more stories. Some analysts have encouraged being bullish on stocks since mid-March. Their reasons range from a relaxation in lockdown restrictions, zero cash rates, low bond yields, and a rapid healing of credit markets.See the rest of the story at Business InsiderNOW WATCH: How waste is dealt with on the world's largest cruise shipSee Also:'Blank check' companies have seen a surge in popularity this year.