Fed's stimulus, earnings outlook and the labor picture are driving prices, LPL's Kleintop says.
Over the next four quarters, the consensus of Wall Street analysts' estimated earnings growth rate is for a re-acceleration of earnings growth from about 7% to 17%. This seems unlikely, and exceeding these lofty estimates may prove nearly impossible.
The fiscal policy cycle is turning to a new phase, away from the tremendous stimulus and spending of the past five years to austerity and cuts
The outcome of the elections will define the political context and leadership for policies that address the looming fiscal imbalances coming to a head in early 2013.
European stock markets overall have fallen this year and plunged by over 20% during the past 12 months, measured in dollar terms using either the MSCI Euro or Euro Stoxx 50 indexes.
