Not only have most large U.S. companies exceeded Wall Street earnings estimates for the third quarter, but they have exceeded them by a wide margin, Reuters reports.
Of the 43 Standard & Poors 500 companies that have announced earnings so far, Reuters reports, 29, or 67.4%, have exceeded forecasts. Only two of those companies came in under analysts expectations, while the other 12 came it right at analysts forecasts.
Hugh Johnson, chief investment officer at First Albany Corp, told Reuters: "Make no mistake about it, things are going very well. It looks as though not only are they beating estimates, but they are beating estimates by a lot."
Health care product companies grew 15% to $10.5 billion, spurred by a weakened U.S. dollar and new technology for treating clogged arteries.