It’s a more constructive market. What we saw last week was only a necessary pause, not the beginning of a retracement. The worst of the economy is behind us and it’s hard to see earnings getting any worse from here.
Hank Smith, who helps oversee $5 billion as chief investment officer of Haverford Trust Co. in Radnor, Pennsylvania

While profit shrank 37 percent from a year earlier at the 445 companies in the S&P 500 that reported quarterly results since April 7, Bloomberg data show they beat analysts’ estimates by an average of 9.3 percent.