The benchmark gauge’s year-to-date performance is nearly flat.

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Back to flat. Almost.

Two months after the first correction since 2011 broke a yearlong calm in U.S. equities, the Standard & Poor’s 500 index is jumping again, climbing as much as 1.8 percent Thursday to bring its gain from its lowest close in August to 10 percent.

The benchmark gauge for American equities now sits at a level last seen on Aug. 19 and is 7 points below its Dec. 31, 2014, closing price, making its performance year-to-date just about flat.

Slicing it differently: U.S. shares have climbed back into the trading range they tumbled out of in August during a six-day sell-off that wiped out $2 trillion in market value. Half of the S&P 500’s 10 major groups now are trading above their Aug. 19 closing levels, with energy stocks and consumer staples leading.

While few investors are ready to sound the all clear, some see signs the worst is behind them, citing the market’s ability to go up even as corporate earnings fall flat.

“There’s no fear that we’re going into recession, and a huge slowdown doesn’t seem to be coming to fruition. Now we can look at a slow-growth yet positive-trending economy,” said Bill Schultz, who oversees $1.2 billion as chief investment officer at McQueen, Ball & Associates in Bethlehem, Pa. “The question is now how much will earnings increase. The market is betting there’s a better chance of that now than in the past couple months.”

The S&P 500 surged 1.7 percent to 2,052.51 Thursday, sparked by a batch of better-than-estimated earnings, bolstering optimism on the health of corporate America. The rally continued in after-hours trading after Microsoft, Amazon and Google parent Alphabet reported better-than-expected financial results and the stock of all three soared.

“It’s great news to have these gorillas beat estimates, anytime you have Google, Microsoft and Amazon up it will balance out some of the weaker and more lackluster numbers recently,” said Vincent Delisle, portfolio strategist at Scotia Capital. “The market wants to feel good and it’s a cherry on top with these trademark companies beating estimates.”

Technology stocks have been the biggest contributor to the market’s advance by far, rising 14 percent since the market bottomed and contributing 17.5 points to the S&P 500’s 184-point increase. Since the bottom and before Thursday’s reports, Alphabet had risen 11 percent, Microsoft 19 percent and Amazon almost 21 percent.

The rally is also an affirmation of sorts for Wall Street stock forecasters who clung to optimistic outlooks even as the S&P 500 slid more than 11 percent to 1,867.61 between Aug. 17 and Aug. 25.

John Stoltzfus, of Oppenheimer & Co., remained unchanged on his year-end price target of 2,311 during the sell-off. He’s now the most bullish out of 21 strategists surveyed by Bloomberg. RBC Capital Markets’ Jonathan Golub, whose forecast is 2,100, said Thursday that his target now has some “upside” again.

“It’s frankly happening more than I’d expected or hoped for and I may have not been bullish enough about the resiliency of this market,” Golub said.

The S&P 500 is on track for its fourth consecutive week of gains, the first time it has done so since December 2014. Meanwhile, this month is setting up to be the market’s best October since 2011’s nearly 11 percent increase.

Energy, technology and industrial stocks have led the post sell-off rally, with each group rising more than 12 percent since Aug. 25. Health care is the only group of 10 that is lower now. The market has undergone a change in leadership, as the first seven months saw health-care and consumer-discretionary stocks leading the charge with gains exceeding 11 percent, while energy sank 13 percent.

Investors are looking to corporate America for clues on the strength of the economy. Of those companies that have reported earnings so far, 45 percent have topped sales estimates and 72 percent have beaten profit projections. Third-quarter earnings are projected to fall 6.7 percent, data compiled by Bloomberg show.