Second wind for stocks as earnings turn positive

With S&P 500 earnings on track to rise after four consecutive quarters of contraction, U.S. stocks are clearing a major hurdle that puts the record high in sight for the benchmark U.S. stock index. The S&P 500 hit a record high in mid August even after the long profit slump. "The magnitude of the beats we’ve had is really important," said Art Hogan, chief market strategist at Wunderlich Securities in New York.