Stock-market bulls rode a sizable rally into the start of what’s expected to be a downbeat earnings season. Analysts at Jefferies say that’s not a bad sign.
“Whether you believe recent performance has been warranted or not, there’s one thing that isn’t debatable: equities have rallied hard right into earnings. In fact, the [roughly] 7.5% gain during the month of trading into Friday was the largest such rally since 1Q09 when stocks marked the bottom of the GFC ,” they said, in a Saturday note. In fact, the gain for the S&P 500 SPX in the month through Friday was the third largest since 1999.
While the chase higher “may not continue, we also won’t necessarily see a stunning reversal” as earnings roll in, they said.
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