U.S. stocks erased earlier losses, sending the benchmark Standard & Poor’s 500 Index higher for the first time in three days, as an advance in Apple Inc. shares overshadowed disappointing corporate results.
U.S. stocks are beating every major asset class for the first time in 17 years even as economic growth weakens and profits rise at the slowest rate since 2009.
European exporters are turning into the world’s biggest bargains as the euro’s decline boosts the value of foreign sales and pushes valuations to the lowest in a year.
U.K. stocks rose, extending this week’s rally for the benchmark FTSE 100 Index, after earnings from J Sainsbury Plc and BT Group Plc beat analysts’ estimates.
"We see good earnings growth and improving economic outlook, we see good equity valuations and easy monetary policy, we see skeptical investors and low positioning in equity assets."
- Max King on Oct 21, 2012
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