Salient to Investors:
John Lynch at Wells Fargo Private Bank said ISM was decidedly negative, and bad news can only be good news for so long for stock prices – at some point it will impact earnings and market levels.
Sam Stovall at S&P said the rally and strong start to the year may indicate further gains for stocks in June because there have been 13 7-month winning streaks since 1945 followed by an average 0.4 percent rise in the 8th month as stocks rose 62 percent of the time. The S&P 500 advances in January and February is bullish because the index has advance in each of the 26 years with such positive start since WWII.
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