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With the second-quarter earnings season in the US in full swing, the expected year-on-year trend in S&P 500 earnings has improved from -35.7% to -35.2%. Big deal, you may think. And yet, investors have been propelling the stock market higher on being pleased with the earnings reports (albeit only beating low estimates). The Dow Jones Industrial Index yesterday breached 9,000 for the first time since January and the Nasdaq Composite Index notched up a 12th consecutive advancing day.
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