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S&P 500 companies’ profit up 8.3%

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At the start of earnings season last month, investors prepared for what was expected to be the slowest period of corporate profit growth in more than four years. Analysts had slashed forecasts across every sector, worried that higher energy prices, a continued housing slowdown and increasing subprime mortgage problems would slice into results for the first three months of 2007. […] even with ongoing concerns about inflation and consumer spending, Wall Street is increasingly looking for big-cap stocks — particularly those operating multinationally — to help extend the market rally. Health care has turned out to be one of the strongest performing sectors, with companies such as Johnson & Johnson, Pfizer Inc. and Schering-Plough Corp. all posting better-than-expected results.

Source: S&P 500 companies’ profit up 8.3%

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