Despite strong job gains in the past months, bad weather and a strong dollar will weigh heavily on earnings in the first quarter, said Eric Wiegand, Senior Portfolio Manager for U.S. Bank Wealth Management. Wiegand added that Wall Street expectations have been reduced as analysts have been actively lowering earnings estimates. Meanwhile, he said the number of companies raising guidance has been the fewest in nearly 9 years. Wiegand also said the ADP report demonstrated further strength in small business employment, which rose by 108,000 to a new high, while large business added a modest 19,000. Finally, Wiegand said he is keenly watching retail sales, consumer confidence and housing market indicators to properly assess the health of the economy.
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