is edging close to a threshold that widely defines a bull market, but investors should consider ditching the large-cap stocks index at a key level as risk of an economic downturn looms, says Bank of America.
He reiterated his call to sell the S&P 500 above 4,200 — less than 0.1% from the current level — in part as stocks are pricing in a decline of"just" 4% in per-share corporate earnings. Stocks have found upside support from corporate profit reports as the first-quarter earnings season started strongly relative to the previous two quarters, FactSet said last week. It said 76% of S&P 500 companies that posted results had outstripped Wall Street's targets.
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