After dreadful week, stocks look for reason to bounce
- 8 years ago
Investors who were bloodied in the year-opening stock rout will be hard pressed to find any salve next week.
With prospects dimming for a strong start to earnings season, and worries about slow growth in China continuing to overhang the market, even a price-driven rally may not last beyond a day or three, say longtime market watchers.
The S&P 500 .
SPX suffered its worst five-day opening to a year on record going back to 1929 and the Dow .
DJI notched its worst start to the year on record dating back to 1897.
Several analysts have already cut their earnings targets, with Deutsche Bank reducing its fourth-quarter forecasts and admitting it was unsure how much to lower its 2016 estimate because of the continued slump in oil prices.
With prospects dimming for a strong start to earnings season, and worries about slow growth in China continuing to overhang the market, even a price-driven rally may not last beyond a day or three, say longtime market watchers.
The S&P 500 .
SPX suffered its worst five-day opening to a year on record going back to 1929 and the Dow .
DJI notched its worst start to the year on record dating back to 1897.
Several analysts have already cut their earnings targets, with Deutsche Bank reducing its fourth-quarter forecasts and admitting it was unsure how much to lower its 2016 estimate because of the continued slump in oil prices.