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A board overlooking the floor of the New York Stock Exchange shows an intraday number above 1,600 for the S&P 500, Friday, May 3, 2013.
A board overlooking the floor of the New York Stock Exchange shows an intraday number above 1,600 for the S&P 500, Friday, May 3, 2013.
(Richard Drew/AP)

Early earnings reports are discouraging, but wait for the full picture

Good things are happening now that U.S. earnings expectations are so low: When companies clear them, relieved investors cheer.

General Electric Co., PepsiCo Inc., Goldman Sachs Group Inc. and Morgan Stanley are among the latest S&P 500 members to top analysts’ estimates after they reported their first-quarter results on Thursday.