Nearly 1,500 US companies have reported earnings since the third quarter season began in early October. As shown below, the average stock that has reported this season has gained 0.99% on the day of its report. (For companies that report in the morning, we use that day's change. For companies that report after the close, we use the next day's change.)
If the season were to end today, the current average one-day gain of 0.99% would be the best reading for earnings since the first quarter of the current bull market. Investors are clearly willing to step in and buy stocks on earnings this season. Something that we hadn't seen during the prior two quarters, when the average stock fell pretty significantly in reaction to its report.
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