Standard & Poor's headquarters in the financial district of New York. AFP PHOTO/Stan HONDA
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The S&P 500 (SPX) has declined 4.2 percent since Dec. 29, sliding for five straight days as West Texas Intermediate crude fell below $48 a barrel for the first time since 2009 .Oil and gas companies are expected to lower investment by 6 percent in 2015, the most in six years.Earnings at energy companies of the index will fall 22 percent in 2015, bringing down the increase for profit by the broader gauge to 6.4 percent, according to the average analyst estimate compiled by Bloomberg. When oil prices reached a high in June, earnings growth was projected to be 6 percent for energy shares and 11 percent for the S&P 500, the data show.Oil and gas producers will make up 9 percent of S&P 500 profits this year, down from 11 percent in 2014, according to Suzuki. Consumer-discretionary companies will account for 10 percent of profit this year, with staples stocks making up 8 percent, he said.
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