The stock market has avoided an "earnings apocalypse" following third-quarter results, according to BMO.
AdvertisementThe stock market just avoided an "earnings apocalypse" following third-quarter results, and that should set the stage for more gains heading into year-end.
"Despite an impressive month-to-date gain thus far, there is still a fair amount of negativity and concern regarding stock market direction," Belski said.
With 94% of S&P 500 companies having reported third-quarter earnings results, 83% beat profit estimates by a median of 7%, which is higher than average.
That's an encouraging signal, as more participation in the stock market rally should help drive a sustainable continuation of the current bull market.
Persons:
BMO's Brian Belski, Belski, —, Brian Belski, That's
Organizations:
BMO, Service