The S&P 500 will soon see more 3-7% drops followed by new highs in 'stairstep' rally similar to 2009, Wall Street strategy chief says

Investors should expect more drawdowns for the S&P 500 in the 3-7% range before the market “stairsteps” higher like it did in the 2009 recovery, according to Canaccord Genuity’s Tony Dwyer. The chief market strategist said in a recent note that a pullback in favour of “economic recovery” sectors over stay-at-home stocks was expected,