Wall Street notches record closing high on earnings, economic strength

A street sign for Wall Street is seen outside the New York Stock Exchange in New York City, New York, U.S., July 19, 2021. REUTERS/Andrew Kelly

Second-quarter reporting season is firing all pistons, with 120 of the companies in the S&P 500 having reported. Of those, 88% have beaten consensus, according to Refinitiv. "We’re seeing companies, on average, beat on the top and on the bottom line," Zaccarelli said. "We’re seeing the resilience of the consumer and that’s been the story of the earnings season so far."

Analysts now expect aggregate year-on-year S&P 500 earnings growth of 78.1% for the April to June period, a sizeable increase from the 54% annual growth seen at the beginning of the quarter.

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