Better than feared first quarter earnings results will power the stock market to new highs, Fundstrat says

• Better than feared earnings results will power the stock market's ongoing rally, according to Fundstrat's Tom Lee.
• Of the near 20% of S&P 500 companies that have reported earnings so far, 79% beat profit estimates by a median of 6%.
• "We think demand and margins holding up better will support a rally in technology stocks," Lee said.

Better than feared earnings results are poised to power the stock market rally further to new highs this year, according to Fundstrat's Tom Lee.

While only about 20% of S&P 500 companies have reported first-quarter results so far, they've been better-than-feared, with 79% of companies beating profit estimates by a median of 6% and 63% of companies beating revenue estimates by a median of 4%.