(Bloomberg) -- It’s been a banner earnings season so far, at least compared to expectations.
Whether it’s the tax cut or just poor forecasting by analysts, S&P 500 index members have been delivering profits above estimates at the best pace on record -- with 82 percent of the 265 index members topping forecasts so far.
And the estimates haven’t been close. The average report has beaten its forecast by 7.95 percent, the highest value since at least 2016 according to data compiled by Bloomberg.
Price reaction to the positive earnings has been muted. The S&P 500 index is up a paltry 0.4 percent since JPMorgan Chase & Co. kicked off the season on April 13.
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