US stocks may rise as focus turns to corporate earnings
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STOCKS rose last week as the market storms in Greece and China appeared to blow over, clearing the horizon for a relatively bright US economic and corporate outlook.
This week, shares may rise again as a large contingent of Standard & Poor's 500 companies report earnings. After several nail-biting weekends during which it felt as though the financial system were wobbling again, it is strange but refreshing to contemplate income statements and Ebitda (earnings before interest, tax, depreciation and amortisation) figures once again.
"As we get more into earnings season, there's less of an emphasis on the macro Greek situation," said Eric Marshall, portfolio manager at Hodges Capital, in Dallas. "I think a year ago, we were all worried about what (Russian President Vladimir) Putin was going to do and Ebola. Now, we're worried about Greece and Iran. Next year, it's going to be something else."
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