That said, the Bank of American Merrill Lynch High-Grade Bond Master Index is up 3.75% through April 30 as a result of spread compression across the credit markets from the more lofty levels of the fourth quarter.

FORBES: Connect

Analysts at Bank of America Merrill Lynch calculate that in the first week of this earnings season the number of American companies reporting better-than-expected sales outstripped the number reporting better-than-expected profits.

ECONOMIST: American business