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发帖数: 13081 | 1 Market Watch 头条 。。 -
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http://www.marketwatch.com/story/how-the-fed-rate-hike-will-end
How the Fed rate hike will end the shareholder-return party in 2015
Published: Feb 18, 2015 8:30 a.m. ET
SAN FRANCISCO (MarketWatch) — The amount companies spent on buybacks and
dividends likely hit an all-time high in 2014, if preliminary figures are
correct, as corporate bond issuance rose to a level not seen since the
financial crisis.
But the end of the cheap-money era may throw cold water on the shareholder-
return rally. With the Federal Reserve expected to start hiking rates this
year, it will be more expensive for companies to borrow money. And stocks
have continued to carve out new highs, making share buybacks that much more
pricey.
With fourth quarter data still coming in, S&P 500 Index SPX, -0.27%
companies are estimated to have spent about $900 billion on buybacks and
dividends combined in 2014, more than the record $846 billion spent in 2007,
according to Howard Silverblatt, senior index analyst at S&P Dow Jones
Indices. |
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