Oil price drives profits of major US listed firms lower

Profits from S&P 500 companies have fallen by about $25bn (€23.47bn) in the first three quarters of this year, and a further drop is expected before the end of 2015 as energy companies battle with lower oil prices and a sharp rally in the dollar hits exporters.

About 96% of S&P 500 firms have reported third-quarter results so far, and their aggregate net income from continuing operations for the first three quarters is $804bn, compared with $828bn for the first three quarters last year.

On a share-weighted basis, S&P 500 profits were down 3.3% on the year in the third quarter, making this earnings season the worst since 2009.