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S&P 500 Earnings Beats Fall Flat With The Good News Priced In

  • High number of profit beats have resulted in muted stock moves
  • Goldman still upbeat about further gains for index this year
Traders On Floor Of NYSE As Victoria's Secret Debuts On Public Market
Photographer: Michael Nagle/Bloomberg

Investors have greeted a stellar second quarter earnings season for U.S. companies -- with a yawn.

A large swath of S&P 500 companies surpassed Wall Street profit estimates, but their shares barely budged. It’s the second consecutive quarter of a lackluster response to earnings beats, fueling the case that U.S. stocks are due for a pullback after an 18% rally this year.