David Rosenberg Says U.S. Stock Market May Retest March 9 Low

By Eric Martin and Erik Schatzker

May 21 (Bloomberg) -- The Standard & Poor’s 500 Index may fall beneath its 12-year low of March 9 because consumer spending isn’t recovering, economist David Rosenberg said.

“We have to get confirmation the March lows are going to hold,” Rosenberg, the chief economist and strategist at Gluskin Sheff & Associates Inc. in Toronto and the former chief North American economist at Bank of America Corp., said in an interview with Bloomberg Television. “The conventional view was the November lows were going to hold. As we found out in the opening weeks of March, those lows didn’t hold.”

The S&P 500 rallied as much as 24 percent from an 11-year low of 752.44 on Nov. 20 before falling beneath that level to a 12-year low of 676.53 on March 9.