Wednesday, 20 April 2016

Wall Street nears record as Quarterly Reports roll in

The S&P 500 climbed closer to a record high on Tuesday, lifted by energy stocks and a solid quarterly report from Johnson & Johnson. 

After dipping into negative territory and then recovering, the S&P 500 ended less than 2 percent short of last May's record high close, with investors laser-focused on a growing flow of first-quarter earnings scorecards. 

Following two months of steady gains, the S&P 500 is trading at about 17.8 times expected earnings, the highest level since 2004, according to Thomson Reuters Datastream.


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