Wall Street Climbs on Earnings Improvement

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Wall Street advanced on Tuesday to give the S&P 500 its best day this month on the heels of solid earnings reports from names such as UnitedHealth and Netflix that put corporate profits on track to snap a four-quarter streak of declines. 

 

Of the 52 S&P 500 companies that have reported results to date for the third quarter, 81 percent have reported earnings that topped average analyst estimates, according to Thomson Reuters I/B/E/S. 

 

Third-quarter earnings are now expected to show growth of 0.2 percent, which would mark an end to the US profit recession that began in the third quarter of 2015. 

 

If the quarter stays on track, it will be the first time since the fourth-quarter of 2014 in which both earnings and revenue of S&P 500 companies increased. "We had some decent earnings results," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.