The Current Bull Market: Stocks Up Significantly Less During Earnings Season

| About: SPDR S&P (SPY)

Third-quarter earnings season kicks off after tomorrow's close when Alcoa (NYSE:AA) reports.

Below is a chart of the S&P 500 (with earnings seasons highlighted in gray) going back to the start of the bull market (we use the time period between Alcoa's report date and Wal-Mart's (NYSE:WMT) report date as our earnings season). Based on our calculations, the cumulative gain of the S&P 500 during earnings season is 9.7% since October 2002, while the cumulative gain during the earnings off-season is 53.4%.

We're open to any thoughts of why this is so in the comments section.

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