NEW YORK (Reuters) - With U.S. stocks pressing up against 17-month highs, the inevitable question arises: "Does this rally have legs?" From one perspective, things couldn't look rosier for the bulls. The S&P 500 touched another 17-month high on Wednesday, breaking through levels analysts identified as significant resistance. More stocks in the S&P are hitting fresh 52-week highs than at any time during the course of the rally. But the steady rise in the last six weeks has been accompanied by middling volume and underperformance in key areas, such as semiconductor companies. Market technicians and strategists believe the current run is overbought, suggesting at least a near-term pullback.
NEW YORK (Reuters) - With U.S. stocks pressing up against 17-month highs, the inevitable question arises: "Does this rally have legs?"
From one perspective, things couldn't look rosier for the bulls. The S&P 500 touched another 17-month high on Wednesday, breaking through levels analysts identified as significant resistance. More stocks in the S&P are hitting fresh 52-week highs than at any time during the course of the rally.
But the steady rise in the last six weeks has been accompanied by middling volume and underperformance in key areas, such as semiconductor companies. Market technicians and strategists believe the current run is overbought, suggesting at least a near-term pullback.
NEW YORK (Reuters) - Global shares slipped from 17-month highs on Friday as weakness in earnings and a rising dollar stunted long-running rallies, while concerns over Greece's debt burden kept pressure on the euro. Oil suffered its steepest drop in six weeks as the dollar firmed against the euro and other currencies. Cheaper crude oil weighed on energy shares in the United States and Europe. The euro posted its worst weekly performance against the dollar since late January as traders waited to see if Greece can secure aid from its fellow euro zone members at a European Union summit next week. Greece has said that it might have to turn to the International Monetary Fund for help.
NEW YORK (Reuters) - Global shares slipped from 17-month highs on Friday as weakness in earnings and a rising dollar stunted long-running rallies, while concerns over Greece's debt burden kept pressure on the euro.
Oil suffered its steepest drop in six weeks as the dollar firmed against the euro and other currencies. Cheaper crude oil weighed on energy shares in the United States and Europe.
The euro posted its worst weekly performance against the dollar since late January as traders waited to see if Greece can secure aid from its fellow euro zone members at a European Union summit next week. Greece has said that it might have to turn to the International Monetary Fund for help.
