Sunday 13 April 2014

Stocks face earnings blues after tech slide

Traders work on floor of the New York Stock Exchange By Caroline Valetkevitch NEW YORK (Reuters) - The wrenching selloff in U.S. high-growth technology and biotech shares could leave investors braced for more than a minor pullback when earnings pick up speed this week. "There's skepticism among investors about the outlook, and we're getting into the first-quarter earnings season, so you're going to see some positioning," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. Profit growth for Standard & Poor's 500 companies now is projected at just 0.9 percent in the first quarter from a year ago, down from a January 1 forecast for 6.5 percent growth, Thomson Reuters data showed. Wall Street will face this flurry of numbers during a four-day week.




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