Stock market could resume its downward spiral soon, Wall Street veteran warns

The S&P 500 exited the longest bear market since 1948 on Thursday, but the sizable rally that led it there may not last for long, according to one Wall Street veteran. 

In an analyst note on Friday, Main Street Research founder and CIO James Demmert warned the stock market could resume its downward spiral soon. 

"Even though the S&P 500 is up just over 20% from the October 2022 low, that does not mean the bear market is over yet," Demmert wrote. "The bear markets of 2000 and 2008 both saw rallies in excess of 20%, which did not constitute the end of the bear market, as the market experienced further downside after those rallies."