Euro Will Continue to Weigh on U.S. Stocks, John Apruzzese tells the Wall Street Journal

June 24, 2010

The recent rise in the Euro against the U.S. dollar is unlikely to continue, Evercore Wealth Management partner John Apruzzese told the Wall Street Journal.

"The key difference in there is the comment about subdued growth as a result of what's going on in Europe," Apruzzese said. While stocks did benefit from a briefly stronger euro, ultimately, "the market's going to take that as a negative."

Also weighing on the market are weak home sales, lingering unemployment and low inflation. This combination of factors suggests that interest rates will continue to remain low for the forseeable future, Apruzzese said, noting that the Federal Reserve introduced on June 23 new language warning that the European debt situation could impact the pace of the U.S. economic recovery.