U.S. stocks rose, sending the Standard & Poor’s 500 Index to a record for the eighth time in nine days, amid improving confidence in the world’s largest economy. Industrial metals fell on concern about China’s growth.
Even bulls are taking steps to protect profits after gains in U.S. stocks added $10 trillion to equity values, convinced the first decline in earnings since 2009 will spur losses in the historically weak second quarter.
Oppenheimer & Co. Chief Investment Strategist Brian Belski cut his 2010 and 2011 estimates for the Standard & Poor’s 500 Index, becoming at least the third strategist in two weeks to reduce his outlook on U.S. stocks.
Stocks would suffer after an initial jump should the Federal Reserve decide to extend economic stimulus beyond the June expiration of its current quantitative easing program, Oppenheimer & Co.’s Brian Belski said.