Investors are increasingly worried about the risk of a U.S. recession, following last month’s banking crisis and as more data points to slowing economic growth. Still, the stock market has rallied so far this year, with the Dow Jones Industrial Average
DJIA,
-0.61%
up 2.2% and the S&P 500
SPX,
-0.42%
up 7.7%. The Nasdaq Composite
COMP,
-0.56%,
which has led the rally, gained 15.6% year-to-date, according to FactSet data.
However, a group of Wall Street veterans, who all used to worked at Merrill Lynch and has a combined experience of more than 230 years, were mostly bearish about the stock market in the coming months, as they shared their views on investing at a roundtable discussion hosted Thursday by economist David Rosenberg, president at Rosenberg Research. Read: Opinion: ‘I feel like I am reliving the summer of 2008’: Strategist David Rosenberg sees bear market sinking the S&P 500 to 3,300 Richard Bernstein, chief executive at Richard Bernstein Advisors, said the rally in risk assets so far this year is “not a fundamental one.” One piece of evidence is the surge of cryptocurrencies, with bitcoin
BTCUSD,
-0.08%
up more than 80% so far this year, according to Bernstein. “We view cryptocurrencies as being the ultimate speculative market. When they were up 60% or 80% year to date, it’s hard to make the argument that what we’re s …
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