in the fourth quarter. Financials and utilities companies overall are expected to have tallied double-digit profit growth, while energy, industrials and consumer discretionary are seen reporting declines.
“There is a lot more optimism priced into the 2020 numbers than there has been priced into the 2019 numbers,” Lafferty said. The S&P 500’s forward price-to-earnings ratio has climbed from roughly 14 times to start 2019 to about 18 times by the end, an increase that investors attributed largely to interest rate cuts from the Federal Reserve.
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