This is as bad as it gets for US corporate earnings

But the worst may be behind us, say strategists at Bank of America

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Corporate America is sending an important signal this earnings season that the rally in US stocks can continue to broaden out beyond technology shares.

The mention of a "bottom" in results this reporting period through last week is up 56 per cent from a year earlier, according to Bank of America. In the past, such references have preceded a broad improvement in earnings, the bank said.

Importantly, cyclical companies, whose prospects are closely tied to the trajectory of the economy, were heavily represented among the companies that have reported.