More than 85% of companies in the S&P 500 Index have now reported their latest quarterly results this earnings season. The results coming out of the past week provided us with the latest example of the fundamental contradiction that is the U.S. stock market in 2016. For while corporate earnings forecasts were once again revised meaningfully lower in the past week, stocks used the occasion to celebrate by surging to new all-time highs. Who doesn’t like to pay even more for earnings that are increasingly shrinking, right?
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