The S&P 500 rose 0.4 percent last week, in the process finishing above 2,800 for the first time in nearly four months.
Some analysts see more gains for stocks for the month.
“History would say that we won’t get a massive pullback; over the past 20 years, March has been the second strongest month for stocks,” said Ryan Detrick, senior market strategist at LPL Financial.
However, Erik Ristuben, chief investment strategist at Russell Investments, said: “I’m not sure there is a catalyst to push stocks higher in March.”
Tom Martin, senior portfolio manager with Globalt Investments, said: “Stocks are no longer cheap.”
Shawn Tully at Fortune wrote: “The combination of the decline in projected profits and the S&P’s two-month sprint has lifted the forward P/E from that 15.1 at the start of the year to 17.7, a rise of 17%.”
Tully added that the 17.7 multiple is based on operating earnings. Adjusted to GAAP earnings, the P/E multiple becomes a “lofty” 21.
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