The day of the "flash crash," I was asked at an executive seminar in Jersey City, N.J., what impact Greece would have on equity markets. I replied, "It should all be over by Wednesday."
My BlackBerry turned off, no one alerted me to the panic unfolding on Wall Street. Now that stocks have made up all their lost ground, what's next? Good things! Long-term doubts about the efficacy of the Greek bailout, huge U.S. budget deficits and monetary ease, and oil gushers notwithstanding, we are in for one heck of a ride the balance of this year. Here's why: A moderate recovery -- 3% gross domestic product growth -- and much more robust growth in Asia are good for the profits of large U.S. multinationals. S&P 500 companies earn about half their profits abroad, and the economic recovery is strongest in China where U.S. companies are quite well-positioned. Seventy-seven percent of the S&P 500 companies that have reported first-quarter earnings have outperformed analysts' estimates. Add low inflation and a favorable interest rate environment into 2011. For all the chatter about the Federal Reserve injecting too much liquidity and instigating inflation, consumer prices, less petroleum products, remain remarkably tame for now. And gasoline prices are now expected to decline for the summer driving season. The Fed can focus on boosting employment and wait until early next year, or even later, to address price stability. It will likely hold short rates near zero until 2011, and international investors seeking safe haven in the dollar will keep U.S. long rates low through the end of the year as well. Corporate bonds are finding ready buyers again, and investors will continue to accept lower premiums for risks on long-term company debt than in 2009. Dow Investment Ideas Top 10 Dow Dividend Stocks Loading Comments... 1 2 Last » Next ›SHARE:
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Dow Jones S&P 500 NASDAQ 10-Year Note 10,884.90 1,170.77 2,419.08 35.96 Oil * 80.07 DOWN 12.01 DOWN 0.90 DOWN 5.94 UP 0.29 10 Yr 3.60% SPDR Gold 120.71 -0.11% -0.08% -0.24% +0.81% Data delayed 20 minutes More From TheStreet & Around The Web var randnum = Math.floor(Math.random() * 100) if (randnum < 34) { document.write("TheStreet Ratings: Top Rated Stocks"); } else if (randnum > 34 && randnum < 67) { document.write("Cramer's Latest Picks from Mad Money"); } else { document.write("NEW: Earnings & Economic Calendar"); } var randnum = Math.floor(Math.random() * 100) if (randnum < 34) { document.write("TheStreet Dividend Calendar"); } else if (randnum > 34 && randnum < 67) { document.write("NEW: Earnings Call Transcripts"); } else { document.write("Expanded Coverage: Energy"); } var randnum = Math.floor(Math.random() * 100) if (randnum < 34) { document.write("ETF Research Center"); } else if (randnum > 34 && randnum < 67) { document.write("Top-rated ETFs from TheStreet Ratings"); } else { document.write("Top-rated Mutual Funds from TheStreet Ratings"); } Daily Beast: Must Reads From All Over the Web CEO Interviews and Videos from Fox Business Breaking news and analysis from FT.com Twitter Facebook RSS Mobile App adsonar_placementId=1341369;adsonar_pid=879768;adsonar_ps=-1;adsonar_zw=320;adsonar_zh=280;adsonar_jv='ads.adsonar.com'; Brokerage Partners YAHOO.util.Event.on(window,"load",function(){ setTimeout(function(){ TSCM.util.attachScript('scr_intellitxt','http://thestreet.us.intellitxt.com/intellitxt/front.asp?ipid=10685'); },1200); }); Sponsored Links var ads = [ { link:"http://www.entrepreneur.com/business-opportunities/index.html?cam=thestreet&cid=Homepagetextlink1109", text:"Be Your Own Boss and Start your Own Business Today!", trk:null }, { link:"http://ad.doubleclick.net/clk;222470237;4639705;g?http://www.dionmm.com/sl/py/sitets2.py?adsrc=201037", text:"Special Report: Don Dion's Ultimate Inflation Protection Guide", trk:null }, { link:"http://ad.doubleclick.net/clk;222470367;4639705;k?http://www.dionmm.com/sl/py/sitets2.py?adsrc=201038", text:"Protect Yourself from Inflation with Don Dion's Special Report", trk:null }, { link:"http://ad.doubleclick.net/clk;223806605;47528270;g?http://www.optionshouse.com/landing/stocks295/?partner=street&utm_source=street&utm_medium=paid-banner-ads&utm_campaign=textlinks&utm_content=bash-s295-text", text:"$2.95 Flat-Rate Stock Trades @ OptionsHouse.com. 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