Spreadex Market Update
A dour session overnight in Asia
The report suggested the economy was losing momentum even before the U.S. fiscal standoff that partially shut down the government for more than two weeks, lending credence to the central bank's decision to hold off on reducing its stimulus. The majority of economists surveyed believe that the Fed will reduce monthly bond purchases to $70 billion by March 2014.
The S&P 500 is now trading 23 percent higher in 2013, fuelled by unprecedented Fed stimulus and better-than-estimated corporate earnings. Earnings beat analyst estimates at 74 percent of the 141 companies in the S&P 500 that have released their results so far this reporting period, while 53 percent exceeded sales projections.
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