NEW YORK: The S&P 500 was clinging to a small gain on Thursday as concerns about slowing global growth and a dive in industrials stocks overshadowed gains in Facebook and Microsoft.
"But we have to keep in mind that supporting all this is a far more accommodative U.S. Federal Reserve than in the fourth quarter that's likely to place a cushion under stocks," said Hooper."It's not a time to rush into stocks but it's not a time to rush out." Refinitiv data through Thursday morning showed that Wall Street now expects S&P 500 first-quarter earnings to be level with the year-ago quarter, a sharp improvement from the 1.1per cent decline expected just on Wednesday, and better than the 2per cent fall expected at the start of April. Excluding energy, the growth rate would climb to 1.4per cent.
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