Barron’s, November 13: Cornerstone Capital Group’s Michael Geraghty writes that looking ahead, major market catalysts will be trade, the Federal Reserve’s moves, and a potential government shutdown in December if Congress can’t agree on a budget. Still, even with these worries and market volatility, he expects that “stocks are likely to grind higher over the next 12 months. The current consensus is that S&P 500 operating EPS will rise 11% in 2019. If those consensus expectations are too high, and EPS only grow by a mid-single-digit amount that, combined with relatively flat P/E multiples would still suggest stock prices up 5%-10% in 2019.”
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