But those gains have also pushed the S&P 500's price-to-earnings ratio close to 17 times forward earnings, a valuation level that marked the top in May and last fall.
"From a technical perspective, we do have a good deal of resistance right around 2,940. That's an approximation of the 2018 high, so it is a challenge for the S&P 500," Stockton said Monday on CNBC's "The S&P 500 is within 1% of hitting its 2,940 resistance level. It last touched above that level in early May.
There are enough positive catalysts in the market to keep the rally going, though challenges do remain, says John Petrides, portfolio manager at Point View Wealth Management. A potential rate cut from the Federal Reserve could push stocks higher, Petrides says, though the central bank needs to be clear on the reason behind any move.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
TradingNation Am I only one who wishes for some type of topping out/pullback.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
C&J Energy and Keane to merge, creating a $1.8 billion well services companyC&J Energy Services Inc. and Keane Group Inc. announced Monday a merger-of-equals deal to create a diversified oilfield services company with a combined enterprise value of $1.8 billion, including $255 million in debt. Under terms of the deal, C&J shareholders will receive 1.6149 Keane shares for each C&J share they own. Based on Friday's closing prices, that values C&J stock at $11.29 each, or a 5.3% premium. After the deal closes, which is expected to occur in the fourth quarter of this year, C&J and Keane shareholders will each own 50% of the equity of the combined company. "The merger of equals unites two great companies, resulting in a broader portfolio of well completion services across an even greater footprint in the U.S., benefiting our combined employees, shareholders, customers, suppliers, and the communities in which we operate," said Keane Chief Executive Robert Drummond. C&J's stock has tumbled 33.8% over the past three months and Keane shaes have shed 28.7%, while the VanEck Vectors Oil Services ETF has lost 22.5% and the S&P 500 has gained 2.35.
Source: MarketWatch - 🏆 3. / 97 Read more »