Michael Nagle | Bloomberg | Getty Images
Traders work during the IPO of Pivotal Software Inc. (IPO) on the New York Stock Exchange (NYSE) floor in New York, USA, on Friday, April 20, 2018.
"While It There were some disappointments, they are in the minority, "said Nick Raich, CEO of The Earnings Scout, in a note. "We're seeing the best growth since every quarter in 2010."
"What we like best about this reporting season is the 10.58% collective revenue growth rate for the companies that reported," Raich added. "In addition, the estimates for the second quarter of 2018 are higher for the companies that have reported so far, and the estimates for the 2H 2018, which many thought were too high, are higher."
In the meantime, investors also kept an eye on the bond market. with the 10-year note yield trading at its highest level since January 2014. For the first time in more than four years, the yield dropped above 3 percent, an important psychological level.
"There was tremendous resistance at this level," said Quincy Krosby, chief market strategist at Prudential Financial. However, Krosby noted that the Cboe Volatility Index (VIX) was not "unnerved" during this uptrend. "That's positive."
Bank stocks rose after the 10-year yield reached 3 percent. The SPDR S & P Bank ETF (KBE) and the Regional Banking ETF (KRE) both rose more than 1.5 percent. JP Morgan Chase, Citigroup and Bank of America all rose more than 1 percent.
Investors have been selling Treasuries this month, resulting in higher yields as inflation would rise, which could cause the Federal Reserve to tighten its monetary policy faster pace.
"I think we'll put that in the rearview mirror and notice that there was no magic for the number [3 percent]," said Art Hogan, chief market strategist at B. Riley FBR. "I think we're focusing on the result again."
Disclosure: NBCUniversal was a minority investor in Kensho before the company was acquired by S & P.