Does the U.S. bull market still have legs?

Epoch's Janet Navon says further gains will rely on earnings growth.

Sonita Horvitch 19 March, 2014 | 6:00PM

 Janet Navon, director of research and a member of the U.S. equity team at New York-based Epoch Investment Partners Inc., says that investors will need to look mainly to corporate earnings growth to drive U.S. stock prices, against the backdrop of the gradually improving U.S. and global economy.

"The ascent of the U.S. equity market from the trough in March 2009, with its exceptional performance in 2013, has largely been driven by the price-earnings-multiple expansion on the stocks," says Navon, interviewed in Epoch's streamlined, modern headquarters in mid-town Manhattan.

The bull market in U.S. stocks can, she says, be sustained in 2014 by both rising earnings and dividends, but the U.S. equity market will generate more modest returns than in 2013.

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Sonita Horvitch

Sonita Horvitch  

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