Jump to navigation

Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
      • About
      • Advertise
      • Contact
      • Contribute
      • Privacy Policy
  • !
Follow Futures          
       
more >>

We Asked Traders

We asked traders for their opinion on the launch of bitcoin futures

Sponsored Content

Trading

Equities.com launches unlimited trading via Tradier Brokerage, Transforming into a news & fintech portal

Featured Topics

more Commodities>>

Commodities

Energy demand steps back in play
Advertisement
more Volatility>>

Volatility

Volatility & opportunity in the energy sector
more Financials>>

Financials

Daily Price Action: E-mini S&P 500
more Options>>

Options

Trading Vertical Option Spreads

Advertisement

U.S. stocks retreat after S&P 500 Index rallies for six weeks

By Lu Wang and Leslie Picker, Bloomberg

February 11, 2013 • Reprints

U.S. stocks fell after a six-week rally left the Standard & Poor’s 500 Index trading at its most expensive valuation since July 2011.

Google Inc. declined 0.6% as Chairman Eric Schmidt adopted a plan to sell as many as 3.2 million shares in the operator of the world’s most popular search engine. BlackBerry shares slid 4.6% while Apple Inc. rose 0.9%, after Home Depot Inc. said it will exchange 10,000 BlackBerry models with iPhones. AOL Inc. jumped 6.2% after an analyst recommended investors buy the shares.

The S&P 500 fell 0.1% to 1,516.19 at 3:11 p.m. in New York. The equity benchmark last week reached its highest level since November 2007, completing its longest streak of weekly gains since August. The Dow Jones Industrial Average lost 26.11 points, or 0.2%, to 13,966.86 today. Trading in S&P 500 companies was 24% below the 30-day average at this time of day.

“We’re extremely overbought, but that doesn’t mean the market can’t continue higher,” T. Doug Dale, chief investment officer at Jackson, Mississippi-based Security Ballew Inc. Wealth Management, which oversees $500 million in assets, said in a telephone interview. “But investors must be wary of air pockets, as in major downturns that can happen quickly.”

‘Stocks Pause’

The S&P 500 has rallied 6.3% so far in 2013 as U.S. lawmakers reached a budget compromise and companies reported better-than-estimated earnings. The index is trading at 15 times reported earnings, up from a low of 13 in 2012 and compared with the six-decade average of 16.4, data compiled by Bloomberg show.

The gauge is about 3% below its record high reached in October 2007. It has more than doubled since bottoming in March 2009 as the Federal Reserve conducted three rounds of bond-buying to lower interest rates and boost economic growth.

“With the strong start this year, it’d be very understandable if stocks pause here,” James McDonald, chief investment strategist at Northern Trust Corp. in Chicago, said by phone. His firm manages $759 billion. “The focus is going to be what the private sector can do to generate growth. The market understands that the public sector is not going to deliver any big presents.”

Finance Ministers from the 17-member euro area were scheduled to meet today in Brussels to discuss aid to Cyprus and Greece as concern over the region’s sovereign-debt crisis revives. Group of 20 finance chiefs and central bankers will gather in Moscow on Friday.

Page 1 of 3
>>next >

About the Author

Copyright 2014 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Related Articles
Daily Price Action: E-mini S&P 500
GBP/USD drops as weak CPI reduces BoE May rate rise odds
Daily Price Action: E-mini S&P 500
Daily Price Action: E-mini S&P 500
Daily Price Action: E-mini S&P 500
Previous
Euro gains as ECB official says it isn’t overvalued; yen weakens
Next
Apple’s margin squeeze has no easy fix amid 33% share drop
Related Terms
US Federal Reserve 8527Bloomberg 5254energy 3807financials 2975S&P 500 2456stocks 2123Standard & Poor 2008Congress 1894equities 1689Reuters 1669Barack Obama 909Goldman Sachs Group Inc. 864Apple Inc. 326Google Inc. 173Mississippi 159Group of 20 countries 144Nasdaq OMX Group Inc. 118Google 110Home Depot Inc. 61finance chiefs 48life insurance 29Huffington Post 26search engine 22RBC Capital Markets LLC 19Research In Motion Ltd. 16Northern Trust Corp. 15Genworth Financial Inc. 12Carlyle Group LP 12First Solar Inc. 12Peter Oppenheimer 12SunPower Corp. 7BlackBerry 6James McDonald 6Rob Madden 6TechCrunch 5Green Mountain Coffee Roasters Inc. 5Eric Schmidt 5immigration law 3Wacker Chemie AG 2AOL Inc. 2stock-exchange operator 2thin-film solar manufacturer 2Randy Whitestone 2Dougherty & Co. 1Security Ballew Inc. 1Yingli Green Energy Holding Co. 1Jackson 1solar-power developers 1Web publisher 1Anders Nielsen 1T. Doug Dale 1

Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
      • About
      • Advertise
      • Contact
      • Contribute
      • Privacy Policy
  • !
images