Wall Street little changed, with earnings in sight

U.S. stocks have been on a tear this year, hitting new records almost everyday in the past week, and the upcoming earnings reports will help justify the lofty valuations. "The relatively high valuation, where the market is trading 17 to 18 times earnings, is merited by a very low interest rate environment," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh. Ten S&P 500 companies are expected to report earnings this week, including some of the biggest Wall Street banks.

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