While quarterly earnings are coming in at expectations (after analysts lowered the bar) revenues are still, on average, light. Nevertheless, a good earnings report at the beginning of the day is enough to "goose" the market and send it on its way. However, the real driver is ongoing Fed liquidity which continues to inflate the stock market.
As I stated in last week's commentary, we're getting into a low volatility environment where the indexes slowly and methodically make their way higher. And we're seeing the same pattern during the trading day that we've seen so often in these gradually levitating markets over the past few years as the "smart money" comes in at the end of the day and program trading starts buying up stocks: