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The bulls came out of the gate at full-speed at the opening of the stock market today.
Less than a half-hour into trading, the Dow Jones Industrial Average jumped 121.99, or 0.81%, to 15,241.40 The Standard & Poor's 500 Index climbed 12.19, or 0.75%, to 1,644.08. The Nasdaq added 14.01, or 0.41, at 3,493.60.
Optimistic investors appear to be betting the second quarter's earnings will come in ahead of scaled-down forecasts.
Pre-announcements have certainly been extremely negative. According to Thomson Reuters, the ratio of negative to positive comments is 6.5 to 1, more than two-and-a-half times the normal pace and the most negative reading since 2001.
Overall, S&P 500 earnings are projected to have grown 1.6% in Q2 from a year ago, while quarterly revenue is expected to increase 2.9%.
But those estimates could be on the light side.