Among the industry sectors, the biggest winner for the current earnings season is shaping up to be health care. Health care stocks in the S&P 500 have reported a 12.3 percent increase in revenue from a year earlier so far in the second quarter, nearly twice as much as the next strongest growth sector. Johnson & Johnson, the country's largest health-care company, reported earnings growth of 9.1 percent.
The sector showing the next highest growth for the quarter is consumer discretionary, which has posted revenue growth of 6.4 percent. That's followed by technology stocks, which have reported revenue growth of 6.0 percent.
Overall, stocks in the S&P have reported revenue growth of 4.9 percent this quarter. That's up a bit from the Wall Street expectation of 3.0 percent to 3.5 percent growth before the reports started coming in.
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