By Chris Tracey, investment director The S&P 500 ended the year down for the second year in su...
By Chris Tracey, investment director The S&P 500 ended the year down for the second year in succession and indeed the closing level of 1148 was 7% below its 1998 close. Interestingly, earnings per share forecasts for 2002 of US$50 are not dissimilar to the US$51.68 actually achieved in 1999. On the economic front, a series of indicators are now showing that the recession is in the process of bottoming out. However, although the economic news is undoubtedly getting better, it is worth bearing in mind that consumer spending is coming out of savings, such that the savings ratio, which...
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