With 80% of the earnings reported earnings for the S&P 500 for the quarter are negative. WOW!!! This would be the first quarter ever that has happened. Even if you exclude financials it is still negative. Even I am surprised by this. Yet we have another announcement of another plan on Wednesday to get a nice little rally from the lows going yet again.
As Wall Street tracks Washington's moves to help the beleaguered banking sector and pass more economic stimulus, nearly 400 of the S&P's 500 companies have weighed in and reported a collective loss -- even excluding financials."This is the worst, after the sixth quarter of negative growth, it will be the first quarter ever of negative earnings," said Howard Silverblatt, senior index analyst, at Standard & Poor's.
A sixth quarter of negative growth ties the prior record set when Harry Truman was president, and ran from the first quarter of 1951 to the second quarter of 1952.
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