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Understanding shifting momentum in 2011 -Sean Seshadri
At the start of 2011, there was a positive sentiment regarding the market as we had an increase in jobs as the economy added more than 200k jobs in Feb, March, and April. Corporate profits were also very good causing an optimistic view of the market. In late April, the S&P reach a high of 1,363 which is twice its recessionary low which was two years prior to that. However, sentiment and markets can shift very quickly which did as manufacturing slowed and then large corporations were not hiring as they did in previous quarters. There were also serious issues in European debt crisis as well as the gridlock in Washington which caused markets to fall considerably lower into October. We have since rebounded to have a flat year since October due to corporate earnings, and increasing housing starts.
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