Spreadex Market Update
S&P 500 reaches record levels
U.S policymakers meet today and tomorrow and the majority of economists surveyed so far believe that the Fed will resist tapering until March 2014 earliest. With global indices gaining so much value over the past 3 months and sentiment at such a high level, encouraging earnings alone won’t push these markets on much further. Of the 256 S&P 500 companies that have reported so far this period, 76 have beaten profit estimates while 54 percent have topped revenue forecasts.
It is possible however that the Fed’s (expected) accommodative stance will be the catalyst that bulls are craving. Whilst the Dax 30 & S&P 500 are trading at record highs, the FTSE 100 is still some 185 points away from the 30th Dec 1999 high of 6950.6. However, traders will no doubt see today’s disappointing Producer Price Index & Retail Sales data from the U.S as a setback, especially after last week’s less than inspiring non-farm employment numbers.
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