US corporate earnings and the outlook for the stock market

With the US third quarter profits season now underway, two common perceptions are that the growth rate of earnings will remain healthy, and that the value of the stock market in relation to earnings is low. We disagree with the first assessment, but take less issue with the second. We continue to expect the S&P 500 to end next year around the 1,200 mark – slightly below its current level.

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