Word: markets
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Dates: during 2000-2009
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...What more and more people are beginning to realize is that the parts of the market with less damage so far are not going to escape this downturn unscathed," says Arnott...
...model of health. Goldman expects the financial stocks in the S&P 500 to lose a collective $9 a share. By comparison, health-care companies are expected to earn $11 a share this year. In fact, the losses are so big at some of the financial firms that many market watchers are concerned that some of the largest banks will go bankrupt unless they get significantly more government assistance. Indeed, the government last week released a plan to help boost Citigroup's common equity by $50 billion. It is the third round of financial help the government has provided Citi...
What's more, financial stocks are also making the stock market look more attractive - or at least less ugly - to investors. The S&P 500 has a price/earnings ratio based on trailing 12-month earnings of about 15. That compares with a 10-year average P/E of 21. So the market's current valuation looks cheap. But some financial stocks like Bank of America and Wells Fargo have P/Es of 7 and 5, respectively. Take those out, and the market looks more expensive...
...Calling financial firms the bright light of the market would be a very nice way to put it," says Tobias Levkovich, chief U.S. equity strategist of Citigroup. "But what is happening is that last year was the financial crisis, and this year is an economic crisis...
Just a short time ago, market watchers argued that if you were to ignore financial stocks, automakers and homebuilders, the economy actually looked hunky-dory. It now appears that thinking was myopic. (See 25 people to blame for the financial crisis...