UNITED KINGDOM, Aug 24 — Wealth management specialists GTM Solutions have moved quickly to comment to investors on last weeks economic data and its implications on soaring US stock levels.
U.S. Job loss reports continue to be a blot on the recovery landscape, but, as the GTM Solutions analysts pointed out, the rate of decline has eased off in recent months
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ealth management specialists GTM Solutions have moved quickly to comment to investors on last weeks economic data and its implications on soaring US stock levels.
U.S. stocks rose for a fourth week, pushing the Standard & Poor’s 500 Index above 1,000 for the first time since November, as better-than-estimated employment, manufacturing and home sales data boosted confidence that the worst slump since the Great Depression is ending. Today GTM Solutions analysts have distributed an email summary of their analysis of the data in an attempt to aid fast-moving investors.
Bank of America Corp. and Wells Fargo & Co. rallied more than 11 percent following an unexpected profit at HSBC Holdings Plc, Europe’s biggest bank, and a report from the National Association of Realtors showing contracts to buy existing homes increased for a fifth month. American International Group Inc., the insurer rescued by the U.S. government, more than doubled on its first profit in seven quarters. GTM Solutions informed investors that a stringent look at the fundamentals indicates that current positive sentiment is set to continue through towards year end.
The S&P 500 has jumped 49 percent from a 12-year low on March 9, the steepest surge over the same number of days since the Great Depression, as three quarters of its companies posted second-quarter earnings that beat estimates and the economy improved. GTM Solutions executives felt the need to clarify recent movements to investors in a bid to head off any potential uncertainty about an overheating market.
The stock index must rally 55 percent to surpass its all- time high of 1,565.15 set on Oct. 9, 2007. Before November, it remained above 1,000 for five years.
The KBW Bank Index jumped 12 percent, the steepest gain since May. Bank stocks; one of GTM Solutions analysts hot sectors, rallied on the prospect of higher profits after HSBC doubled the quarterly earnings of its securities unit and Radian Group Inc., the third-largest U.S. mortgage insurer, posted better-than-estimated results.
GTM Solutions were quick to point out to investors that not all of the news was purely positive. Job loss reports continue to be a blot on the recovery landscape, but, as the GTM Solutions analysts pointed out, the rate of decline has eased off in recent months. If this trend continues, it will effectively provide a platform for more indices uptrends.
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