Once again, the quarterly profit performance of U.S. corporations has exceeded investors' expectations. Current estimates of earnings growth, measured from a year ago, for businesses in the Standard & Poor's 500-stock index are running in the 25% to 30% range. Economists are projecting a similar advance in the Commerce Dept.'s economywide totals, to be reported in March. To be sure, profit growth in 2004 is destined to slow from these heroic rates, if only because the comparisons from the elevated year-earlier levels will get tougher. However, don't be surprised if earnings continue to come in above expectations in the first half of 2004.
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