S&P 500 Doesn’t Have Legs to Eclipse 2,000: Analyst

The markets are moving in the right direction, but a jump above 2,000 in the S&P 500 is a tall order, according to one analyst. ‘I think that’s the line in the sand - if we can get back up above 2,000, then we could go further,’ said Michael Hewson, chief market analyst with CMC Markets in London. ‘I’m still not convinced that we have the legs to do that quite yet – I think much will depend on what happens over the next couple of weeks,’ reffering to the importance of the European Central Bank and the Federal Reserve’s March meetings. The S&P 500 posted a 2.4% gain on Tuesday, ending the session at 1,978, driven by strong U.S. auto sales and encouraging manufacturing data. A move to 2,000 would mean the broad index needs to rally well over 1%. TheStreet’s Scott Gamm reports from Wall Street.