The earnings from corporate America so far have been better than expected and the outlook announced by some of these firms add to optimissm that the global economy isn't so bad afterall.
The worst is truly over.
These major firms beat expectations, pushing the stock indices higher pre NY open:
Caterpillar - construction
Coca Cola - consumer
Merck - pharma
Du Pont - chemicals
Whether or not analysts have put the earnings bar too low is one thing (they might have been too much on the conservative side), but at the moment, stock valuation at current prices do look attractive.
Goldman Sachs and some other banks raised their year end target for the S&P 500 to slightly above 1000.That's an additional upside of 4.4% from here (957.05 at print).
It looks like we're leaving the Mar crash well behind.
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