Despite the NASDAQ closing at a new record high today, both Republican Presidential nominee Donald Trump and world renowned economist and publisher of the Gloom, Boom and Doom Report Marc Faber said today that the markets are ready for a big fall.
A day after detailing his economic plan, Donald Trump advised against investing on Wall Street.
Trump told Fox News today:
“The big problem is that the low interest rate environment fostered by the Federal Reserve has coincided with a 227% market gain since the financial crisis lows. If rates go up, you’re going to see something that’s not pretty. It’s all a big bubble. I did like 50 stocks just for fun, because I’m not a person that really believes in it too much, but I wouldn’t do it.”
Meantime, Marc Faber, who publishes the Gloom, Boom and Doom Report said the S&P 500 is set to crash 50%, giving back 5 years of gains.
Faber told told CNBC’s Trading Nation today:
“I think we can easily give back five years of capital gains, which would take the market down to around 1,100,”
Listen to more of what Marc Faber had to say below.
Dow Jones Industrial Average: 18,533.05 (+3.76 / +0.02%)
NASDAQ: 5,225.48 (+12.34 / +0.24%)
S&P 500: 2,181.74 (+0.85/ +0.04%)
