发帖
雷达卡
U.S. stocks rose, following the biggest gain in the Standard & Poor’s 500 Index this year, as China cut interest rates for the first time since 2008 to bolster growth in the world’s second-largest economy.
The S&P 500 rose 0.8 percent to 1,326.23 at 9:31 a.m. New York time. The benchmark index jumped 2.3 percent yesterday.
“Speculation about what policy makers may do as a follow up to what China has done is bolstering markets,” said Mike Ryan, the New York-based chief investment strategist at UBS Wealth Management Americas. “There’s a perception that if growth decelerates, if markets become stressed, that global policy makers stand ready with additional measures. In addition, the risk-off trade had been pretty severe. The market has moved into what we consider to be very inexpensive ranges.”
Equities rallied as China’s move fanned optimism that global policy makers will act to bolster growth. Federal Reserve Chairman Ben S. Bernanke is scheduled to testify on the outlook for the economy in Congress today. Fed Vice Chairman Janet Yellen yesterday said slowing job growth and deteriorating financial-market conditions show the U.S. economy “remains vulnerable to setbacks” and may warrant additional stimulus.
Investors also watched economic data. Fewer Americans applied for unemployment insurance payments last week. First- time claims for jobless benefits fell to 377,000 from a revised 389,000 the prior week. The median estimate of 49 economists surveyed by Bloomberg News called for 378,000 claims.
Three Days
The S&P 500 (SPX) rose 2.9 percent in three days, wiping out the loss driven by a disappointing jobs report on June 1. Earlier this week, the index traded at 12.9 times its companies’ reported earnings, according to data compiled by Bloomberg. That was the cheapest valuation in six months, the data showed. Concern about Europe’s debt crisis and a global slowdown took the S&P 500 down as much as 9.9 percent from this year’s peak.
Shares of smaller U.S. companies foreshadowed this week’s gains in stocks as they did when the worst bear market since the Great Depression ended, said Andrew Wilkinson, a Miller Tabak & Co. strategist. Wilkinson drew this conclusion by tracking the differential between the Russell 2000 Index (RTY)’s dividend yield and the 10-year Treasury note’s yield, as compiled by Bloomberg.
The Russell 2000’s yield, based on companies’ dividend payments during the past 12 months, was 30 basis points higher at the end of last week. The gap was the widest since March 9, 2009, the day that the gauge bottomed out after a 59 percent plunge in 17 months.
‘Market Recovery’
This indicator pointed to “the onset of a stock-market recovery,” Wilkinson, who is based in New York, wrote in a June 5 report. His call preceded this year’s biggest two-day gains in the Russell 2000 and the S&P 500.
The Russell gauge climbed 3.8 percent during the advance. Companies in the index, which will complete an annual overhaul this month, have a median market value of $475 million. The S&P 500, with a median of $11.9 billion, added 2.9 percent.
Yesterday’s 1.69 percent dividend yield for the Russell 2000 trailed the S&P 500’s yield by 46 basis points, according to data compiled by Bloomberg. In the past decade, the smaller- company index has yielded 59 basis points less on average. Each basis point equals 0.01 percentage point.
了解Follow Us版
https://bbs.pinggu.org/thread-1130480-1-1.html
英文网址，欢迎补充！
https://bbs.pinggu.org/thread-1410923-1-1.html
Follow Us 发帖指南、常见问题及意见征集
https://bbs.pinggu.org/thread-1131076-1-1.html
关于Follow Us 版面建立官方群
https://bbs.pinggu.org/thread-1212960-1-1.html
提升卡
置顶卡
沉默卡
变色卡
抢沙发
千斤顶
显身卡
京公网安备 11010802022788号
