S&P 500 Index Reaches Highest Level in Over 4-Years on Renewed European Optimism
23 August 2012 - 10:20PM
Marketwired
The S&P 500 Index reached a four-year high Tuesday on renewed
optimism that European leaders are making progress with their
region's current debt crisis. "The odds have increased that the
Europeans will craft some kind of devil's bargain," said the
chairman of Marketfield Asset Management, Michael Shaoul, in a
recent Bloomberg Television interview. "At the same time that
that's going on, U.S. economic data's been a lot better." Five Star
Equities examines the outlook for companies in the S&P 500
Index and provides equity research on General Electric Company
(NYSE: GE) and 3M Co. (NYSE: MMM).
Access to the full company reports can be found at:
www.FiveStarEquities.com/GE www.FiveStarEquities.com/MMM
After six consecutive weekly gains the S&P 500 Index reached
1,426.68 in Tuesday trading, the highest level seen since May 2008.
The index has rallied approximately 12 percent since hitting a
five-month low in June. Despite having the worst earnings growth
since 2009, roughly 72 percent of S&P 500 companies have
reported profits that beat analysts' expectations.
"Stocks have been a pretty strong story," Omar Aguilar, chief
investment officer of equities at Charles Schwab Investment
Management Inc., said in a telephone interview. "It's very
consistent to the cycle that we've seen since 2009. It's been
driven by accommodative policy, strong corporate profits and a
stable economy. There's a lot of political will in Europe to
maintain the stability in the region."
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General Electric currently offers investors an annual dividend
of $0.68 per share for a yield of around 3.25 percent. Shares of
the company are up over 16 percent for the year. Bloomberg recently
reported that General Electric plans to sell $563 million of
asset-backed debt.
The Board of Directors of 3M recently declared a third quarter
of 2012 dividend on the company's common stock of 59 cents per
share for a yield of roughly 2.5 percent, payable Sept. 12, 2012,
to shareholders of record at the close of business on August 24,
2012. Shares of the company have gained over 14 percent this
year.
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