The strong performance of U.S. equities in 2019 implies investors feel good about companies’ prospects. But the pull of loose monetary policy is obscuring a more pessimistic trend, writes Three_Guineas.
Earnings of companies in the S&P 500 Index are expected to have fallen 0.6% year-on-year in the fourth quarter of 2019, according to Refinitiv data based on analyst estimates. This would be the second consecutive quarterly decline.
The value of the index rose by 29% in 2019, without taking account of dividends. The index was trading at around 18 times forward earnings as of Jan. 13, according to Refinitiv, compared with a multiple of 16 in early October and around 14 at the end of 2018.
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