Richard Sparks, equity analyst at Schaeffer’s Investment Research, told CNBC’s “Squawk Box” that he expects positive earnings news will continue to drive the market higher.
“When we look at the expectations for earnings, we find that they’re actually quite low,” Schaeffer said Thursday. “At the beginning of the quarter, we expected 8.7% year-over-year earnings growth. That’s been ratcheted down by analysts and they’re barely expecting 3.5%. If we come in ahead of those estimates, as we have, I think we’re going to see the rally continue.”