S&P 500 companies overall are set to post their strongest quarterly growth in three years, with earnings estimated to have risen 5.8 percent in the fourth quarter.
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Investors assess whether stocks can continue to advance with valuations at high levels.
“The uptick in both wage growth and the participation rate is good news for the economy,” said Mohamed El-Erian.
Investors see a 61% chance of the Fed raising rates in December, up 10 percentage points from a week earlier.
OPEC said they had proposed cutting their collective output to between 32.5 million and 33 million barrels a day, down from August levels of 33.2 million barrels a day.
Stocks edged higher Wednesday, lifted by rising oil prices and a stabilization in bank shares in Europe.
STOCKS SLIP AFTER ECB LEAVES KEY RATES UNCHANGED
Traders have priced in a 15 percent chance of a hike in September and a 45.7 percent chance in December.
In June, we suggested that the market would go down 5% before it would go up 10%.
Lower chances of an interest rate hike and a host of multi-billion dollar takeover deals are boosting investor sentiment.