After crossing the 10,000 for the first time in a year, the Dow finished the week just below that threshold – but up for the second straight week, gaining 1.3%. The S&P 500 added a similar 1.5% on the week, up 61% since early March but still off 31% from the October 2007 peak.
The stocks market gain was solid, but clearly reflects lofty expectations for earnings since a record-breaking 79% of the 61 companies in the Standard & Poor’s 500 that have reported third-quarter earnings so far managed to beat analysts’ profit projections. Based on last week’s reception, companies appear to have to present revenue growth combined with much better than earnings expected results to generate anything more than a yawn from the stock market – which appears to be nearly saturated with good news.
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