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ed yardeni, a long-time wall street bull and president of investment advisory firm yardeni research, recently said:the u.s. stock market's "volatility" may continue until the election, after which it is expected to climb back to all-time highs。

"we're seeing quite a bit of volatility in the market right now. i think the volatility will probably continue until the election, after which the stock market will hit new all-time highs," yardeni said in an interview with the media on wednesday.

in early august, the s&p 500 fell 3% in a historic market crash, its biggest one-day drop so far in 2022.

markets were volatile again this week, with the three major u.s. stock indexes posting their biggest declines since the august sell-off on tuesday as nvidia shares plunged and weak manufacturing data raised new concerns about an economic slowdown. on wednesday, the three major indexes closed mixed, with the s&p and nasdaq falling for two consecutive days.

political deadlock expected in us election

yardeni said:whether the market can return to its all-time highs depends in part on the outcome of the u.s. election, and political deadlock is the best-case scenario for the market。

“if there’s a democratic or republican clean sweep, i don’t think the market is looking for that,” yardeni said. “i think the market prefers political gridlock.”

congressional gridlock often leads to slow legislative action, which markets like because it reduces uncertainty and fewer regulatory surprises to deal with.

the s&p 500 has historically risen during periods of split congress or when republicans control congress and a democrat is president, according to lpl financial.

“i think there will ultimately be a political gridlock,” yardeni said.

“if that’s the case, then i think the market will go higher because the u.s. economy has performed well despite the tightening of monetary policy and the geopolitical and domestic political pressures over the past few years,” he added.

yardeni previously predicted that the s&p 500 could reach 6,000 by the end of 2025, and could rise to 8,000 by the end of 2030.