Jefferies’ Wood Says Best Over for US Stocks, Sees More Losses

The US stock market is well past its best days and investors should be prepared to see further declines in the nation’s equities, Treasury bonds as well as the dollar, according to Christopher Wood of Jefferies Financial Group Inc.

The market value of US stocks as a percentage of the MSCI All Country World Index reached its all-time high in late December, said Wood, the firm’s global head of equity strategy. “The US has made an all-time peak,” he said, likening it to the Japanese market in 1989. “The dollar has begun a long-term weakening trend, and that’s going to reduce the US stock market capitalization as percentage of the world.”