The S&P 500 (SPX) has risen 8.5 percent in 2012 through yesterday amid better-than-estimated economic data and expectations Europe would tame its debt crisis. The index yesterday completed its biggest two-day drop since January on concern that this year’s rally has outpaced economic prospects. The S&P 500 traded near 14 times earnings, the highest valuation level since August.
Global stocks fell as Europe’s economy contracted in the fourth quarter after investment, exports and consumer spending dropped. The private investors that so far declared their participation in Greece’s debt restructuring hold about 20 percent of the bonds involved in a swap required for an international bailout. The goal of the swap, which runs through March 8, is to reduce by 53.5 percent the total of privately held Greek debt, helping avert an uncontrolled default. http://www.bloomberg.com/news/2012-03-06/u-s-stock-index-futures-drop-as-european-economy-shrinks-verifone-falls.html
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