Stocks march higher despite warning signs on global growth in third-quarter results

Chris Matthews
Stocks march higher despite warning signs on global growth in third-quarter results

The U.S. stock market continued to show resilience Wednesday, despite a series of disappointing earnings reports, reflecting investor faith in the Federal Reserve and the Chinese government to engineer a rebound in global economic growth, analysts told MarketWatch. “If we’re looking at third-quarter earnings in a vacuum, it would be very difficult to say that they are better than feared,” Yousef Abasi, director of U.S. institutional equities at INTL FCStone told MarketWatch, pointing out that at the end of September, estimates for third-quarter earnings growth for S&P 500 index (SPX) companies were for a 3% contraction, and that projection has fallen to minus 4.7% today, according to FactSet.