Beat generation: Best earnings season ever?

A trader works on the floor of the New York Stock Exchange.
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A trader works on the floor of the New York Stock Exchange.

When first-quarter earnings reporting season began about a month ago, Wall Street analysts were expecting S&P 500 companies to report a 3.3 percent year-over-year decline, according to S&P Capital IQ.

But companies beat these estimates big time.

With just 55 members left to report, you won't believe what final growth may be for the period.

And this realization could cause the S&P 500 to breakout a new record.