The AP reports:
Investors, whose optimism was recently shaken by surprisingly weak economic data, are now hoping companies can provide some clues about a recovery.Taking a look at reported earnings of the S&P 500 (both with and without financials) we see the huge drop off in earnings after Lehman failed last September, affecting ALL corporations whether they were involved in finance or not as the economy stood still.
Wall Street's focus this week shifts from economic reports to corporate earnings announcements and forecasts for the rest of the year. After investors were rattled last week by the latest consumer and employment data, there is growing uncertainty in the market about how strong the second half of the year will be.
"From this point on, we're going to start talking a lot more about how the second quarter was and that is going to be the biggest market driver," said Scott Colyer, chief executive of Advisors Asset Management in Monument, Colo. "What we want to see is continued recovery."
"This economy is starting to stabilize," said Burt White, chief investment officer at LPL Financial in Boston. "The market is looking for companies to do the same thing."Source: S&P