By: Richard Henderson and Jennifer Ablan
As Jared Woodard, a Bank of America investment strategist, steps into the elevator at work each morning in midtown Manhattan, he already knows what investors will call to ask.
Why has the U.S. stock market hit record highs while investor confidence, reacting to a worsening economic outlook, has deteriorated?
“It’s the most frequently asked question we’ve had this year,” Woodard says. “Investors we speak to are incredibly cautious. They see the market rally but they don’t trust it.”