Wall Street Week Ahead: Earnings next hurdle for bulls as rally slows
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The stock market's robust rally was slowing even before Friday's jobs report, but the red flag sent up by the weak payrolls data makes the path to more gains less secure.
It means the bulls will have to look to earnings for a way to keep the rally going. The S&P 500 hit an all-time closing high on Tuesday, but lately defensive stocks have been leading the charge, and notable growth indexes are slipping.
This rotation has many thinking the long-awaited market correction is nigh. A 3 percent decline in the Russell 2000 index (.RUT) this week seemed to be a confirmation of the trend.
"Momentum I think has been slowing a bit, and it would be interesting to see if this is just a one-session sell-off," said Bruce Zaro, chief technical strategist at Delta Global Asset Management in Boston, about Friday's decline.
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