It is certainly fair to expect some near-term contraction in profits especially after coming off decade-high peaks, but I think investors are foolish to expect that contraction to be permanent.

FORBES: Back Up The Truck And Load Up With Intel

The Philadelphia Federal Reserve's index of manufacturing activity showed a bigger-than-expected contraction in August, one day after a New York reading showed a contraction for the first time this year.

WSJ: Stocks Approach Multiyear Highs

Looking ahead in 2013, the economy is likely to regain a sounder position in the first quarter, after expanding for 13 consecutive quarters before the contraction in the fourth-quarter.

FORBES: U.S. Economy Stumbled To End 2012: Q4 GDP Down 0.1%