NEW YORK |
NEW YORK (Reuters) – Stocks closed slightly lower on Monday as lingering questions about Europe’s debt crisis and corporate earnings overshadowed growing optimism about economic growth after a five-week rally.
The SP has risen about 7 percent so far this year, helped by a slew of better-than-expected U.S. economic data, which was capped by Friday’s solid jobs report.
The magnitude and swiftness of the gains, however, has kept some investors on the sidelines. The SP is at levels not seen since July, and the ongoing worries about Europe and corporate results have some wondering if the market has more room to rally.
Through Monday morning, of the 290 companies in the SP 500 that had reported results so far for the quarter, 60 percent posted profits that topped expectations, tracking below recent quarters at this point of the earnings season.
“Companies aren’t surprising on the upside like they have in previous quarters, which could mean slow going for stocks for a while,” said
Read More from the Article Source: Full Article
