VIDEO UPDATE – Broadcasted tonight on Ticker.tv - Market analysis, stock picks, and Ticker.tv t-shirts have officially arrived!
The indexes had a second day of a slow motion pullback that was much needed – at least on the NASDAQ. The S&P 500 fell 0.44% and the NASDAQ 0.26%. The Fed’s Beige Book showed optimism on an expanding economy in most regions, with some pressure from energy and winter weather. The report also said there are some wage hikes in separate industries. The ISM non-manufacturing index posted 56.9 for February, above estimates of 56.5; any reading >50 shows expansion. Some items of note later this week – the European Central Bank will unveil details of its quantitative easing program Thursday and the U.S. labor data is released Friday.
The S&P 500 trades at 18.9 times earnings, an almost a five-year high and compared with an average of 16.9 since 1936, data compiled by Bloomberg and S&P Dow Jones Indices show.Continue reading