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Market Extra: Why the stock market can survive a cocktail of shrinking earnings and rising stock prices

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The party rages on

After a bruising selloff last year, the stock market’s stellar run in the first three months of 2019 has helped to push equity valuations back to historically elevated levels, at the same time that analysts are predicting the first quarterly earnings contraction in nearly three years.

However, despite equities reasserting themselves at prices that many view as rich, strategists told MarketWatch they don’t see rising values as a significant headwind to further gains.

That belief is based on bets that the U.S. won’t be swept up in a trend of receding economic expansion that has engulfed much of the developed world and major emerging markets like China.

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