Tonic for weak profits eludes S&P 500 as rally swells valuations

New York

THE profit recovery has been pushed back. Again.

Even as the S&P 500 Index sits near a record, analyst forecasts just turned negative for a sixth straight quarter for corporate results for the three months ending in September. Steadily falling profits are causing valuations to jump in the benchmark gauge for American equity, which slipped 0.1 per cent to 2,180.79 as at 4 pm in New York.