Investors Are Not Impressed by Strong Start to Earnings
The bar is high with the S&P 500 priced at 22 times earnings
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The second-quarter earnings season is off to a ripping start, with consumer strength powering resilient corporate profits. In the stock market, however, the reaction has been fairly quiet, an ominous sign that much of the good news is priced in — and investors are punishing disappointments.
Take financials, which reported blockbuster numbers last week that failed to juice their shares.