Source: Deutsche Bank
The S&P 500's more than 18 percent rally from its Christmas Eve low is hard to explain from a fundamental standpoint, according to some on Wall Street.
Stocks' monster comeback coincided with a wave of downward growth and earnings revisions from Wall Street. In fact, while the S&P 500 comes roaring back, first-quarter earnings growth forecast for the S&P 500 firms has turned negative, a drastic cut from above 3 percent growth seen in late December. Consensus first-quarter GDP growth has also been slashed to below 2 percent.