Stocks head into the second quarter, propelled by the best quarter in nearly a decade as the long tepid IPO market starts to simmer again.
Stocks head into the second quarter propelled by the best quarter in nearly a decade as the long tepid IPO market starts to simmer again.
Art Hogan, chief market strategist at National Alliance said with $700 million in potential offerings in the wings, this year could surpass the all-time record reached in 2000, when the new issue market was viewed as overheated and many companies without earnings or prospects made it into the public arena during the tech bubble.
Arone said while earnings are expected to be weaker, revenues are expected to grow by nearly 5 percent, a positive sign. In the past week, stocks were higher but so were bonds, to the point where the 10-year yield reached a low of 2.34 percent before returning to the 2.40 percent level. Yields move opposite price.
The economy's growth definitely slowed down in the first quarter and growth was tracking at about 1.5 percent, after the 2.2 percent gain in the fourth quarter. Economists have expected the weakness in the first quarter, both due to the government shutdown and bad winter weather, to be temporary but the question is whether growth can get a jump start in the second quarter.
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