Big U.S. companies have trounced expectations this earnings season, potentially laying the foundation for the next leg of the stock market’s rally as investors look beyond the election.

With most of the companies in the S&P 500 reporting, analysts are projecting third-quarter profits fell 7.5% from a year earlier, according to FactSet. That is a sharp improvement from the 21% decline they forecast at the end of September.

The…

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