Free Money Boosting Earnings

(1) Strength in average of NY and Philly business indexes augurs well for March M-PMI. (2) Also predicts strong growth in S&P 500 revenues. (3) Raising 2021 and 2022 earnings-per-share projections to $180 and $200. (4) Economic Impact Payments boosting economic and earnings growth. (5) Rebounding profit margin. (6) Analysts predicting double-digit earnings growth during Q1-Q4 and 25% increase for the year. (7) Forward earnings and revenues have fully recovered. (8) Still targeting S&P 500 at 4300 this year and 4800 next year. (9) The valuation question: Will all the free money offset rising bond yields? (10) How much of pandemic fiscal and monetary stimulus has leaked abroad?