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While the prospects for the economy seem to still be in the 50/50 range, as each day passes more analysts are beginning to conclude that the fourth quarter will mark the second straight quarter of negative earnings growth, which will put the S&P 500 in an earnings recession.

Looking at prior earnings recessions since 1990 shows that just because profits decline doesn't mean that the market follows suit. Of the four prior earnings recessions, the S&P 500 has declined twice and risen twice.

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Source: A Looking at Prior Earnings Recessions