5-week, 8% Rally Has S&P500 Ahead of Estimates

A rare condition, as described by Bloomberg:

“One of the safest assumptions on Wall Street is that however high stocks have climbed, professional forecasters will say they can go higher. That’s not the case now.

U.S. shares dropped the most in four weeks on Tuesday, pushing the S&P 500 Index down as much as 1.1 percent to 2,147.58. And, for a change, turning to equity strategists was little comfort. As much as they have loved the bull market, a year of stagnating earnings, inflated valuations and confusion about the Federal Reserve has left prognosticators playing an unfamiliar role as bears.”

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Source: Bloomberg

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