Excerpt from Yahoo Finance quoting DataTrek’s Nick Colas:
…. ““Only earnings truly matter; other issues are simply sidebars to that main narrative,” Nicholas Colas, Co-founder of DataTrek Research said in a Thursday morning note, adding that Fed policy, investor confidence, and events may shock the system and understanding them can provide helpful context. “Ultimately, however, stock prices fundamentally reflect the market’s best guess of sustainable future corporate earnings”….
Full article here on Yahoo Finance.