Five weeks above 2,000 for the Standard & Poor’s 500 Index may be long enough, says Deutsche Bank AG’s David Bianco.
After
last week’s U.S. employment report, investors are increasingly
convinced the Federal Reserve will raise interest rates by mid-year,
Bianco said. That could result in a decline of up to 9 percent in the
benchmark gauge, according to Bianco. The dollar’s strongest level
versus the euro since 2003 threatens U.S. profit growth, he said.
U.S.
stocks wiped out gains for the year today, pushing the S&P 500 down
1.4 percent to 2,050.42 at 12:04 p.m. in New York. The dollar also
applied pressure as it rallied against all of its major peers today,
surging to an almost 12-year high versus the euro and the highest in 7
1/2 years against the yen.
The
S&P 500 tumbled the most in two months on Friday amid a report
employers added more jobs than forecast in February and the unemployment
rate fell to 5.5 percent, the lowest in almost seven years, showing the
labor market is sustaining progress after the best annual performance
in 15 years.
Source : Bloomberg
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