MasterCard Inc.’s approach to making bank-card transactions more secure could give it a competitive edge, analysts said after Target Corp. awarded its portfolio to the company yesterday over larger rival Visa Inc.
The pitch was enticing. At a time when the Standard & Poor’s 500 Index had suffered a decline of 41 percent in the previous three years, Morgan Stanley was offering its clients the possibility of some relief.
U.S. stocks are in the early stages of a “multi-year bull market,” with the largest companies priced “like Rembrandts laying on the driveway in a tag sale,” according to David Darst , the chief investment strategist at Morgan Stanley Smith Barney.
Institutional investors’ allocations to dollar-denominated bonds have dropped to the lowest level since 2007 as strategists at Morgan Stanley and JPMorgan Chase & Co. see a shift away from the debt that may fuel higher borrowing costs.
U.S. stocks fell, a day after the Standard & Poor’s 500 Index failed to hold at an almost four- year high, as sales of previously owned houses missed estimates and data from Europe and China spurred economic concern.
The U.S. economy is slowly reviving, leaving behind with each passing month the worst downturn since the Great Depression. It goes without saying that an expanding economy is better than a contracting one, but the consensus outlook is far from cheery. Instead, it calls for years of muted growth and high unemployment.