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Nicholas Colas
Savita Subramanian
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Nick Raich
Raich said.—
Jeff Cox
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The Year of Easy
Plus, the fourth quarter is looking like another tough quarter with analysts estimating a 1.1% fall in earnings from 2018."Markets rallying to new highs clearly indicates that marginal investors believe 2019's no-growth earnings will make for easy comps in 2020 if the US-China trade war abates," said Nicholas Colas, co-founder of DataTrek Research, in a note called "2020: The Year of Easy Earnings Comps."The Dow Jones Industrial Average, S&P 500 and Nasdaq hit all-time record highs Thursday. "Stock prices are now expensive."Based on 2020 estimates, the S&P 500 currently trades at 17.12 times earnings, up from last week's 16.96 times earnings, the firm noted."We have seen the S&P 500 climb back to a new all-time high as the rate of change to EPS expectations has improved, but not quite as much as the underlying improvement would suggest," Raich said.— With reporting from CNBC's Jeff Cox and Michael Bloom.Got a confidential news tip?
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