Reuters reports that US corporate earnings are turning positive after four consecutive quarters of contraction and that could provide a second wind for stocks.
[S]tronger-than-expected profit reports from companies such as Microsoft and Bank of America have turned the tide and the blended earnings growth estimate for the third quarter sits now at 1.1 percent. This would effectively end the earnings recession...
"With the earnings recession showing signs of ending this quarter, the economy is on firmer footing, which could lead to your typical end of year strength," said LPL's senior market strategist Ryan Detrick.
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