The Standard & Poor’s 500 Index bottomed three times near 1,120 last month and if history of past earnings and valuations is any guide, that level may have priced in an economic recession, LPL Financial Corp. said.
U.S. stocks rose, as technology shares rallied a second day, while Treasuries fluctuated and the dollar sank after Federal Reserve meeting minutes eased concern about the timing of future interest rate hikes.
U.S. stocks were little changed, after the Standard & Poor’s 500 Index rose the most this year yesterday, as investors assessed the Ukraine crisis and weaker- than-estimated data on payrolls and services.
U.S. stocks capped the best two-day rally since October and Treasuries rose as the unemployment rate slid to the lowest since 2008, fueling speculation the economy can weather reductions in monetary stimulus. Crude, gasoline and heating oil led commodity gains.
U.S. stocks surged, sending benchmark indexes to record highs, while Treasuries fell as the Federal Reserve expressed enough confidence in the labor market to taper asset purchases while still promising to hold interest rates close to zero. Commodities and the dollar advanced.