Although US stocks have struggled in recent weeks, they’ve fared rather well considering that corporate earnings growth will likely be close to zero by the end of the year.
The S&P 500 is up about 12% in 2023 despite flat profits, meaning that it’s managed to expand its earnings multiple while facing the highest interest rates since 2007. And until a sharp sell-off starting in mid-September, the index had risen over 17%.
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