Everyone Is Blaming the Dollar for a Rough Earnings Season
- More companies say unfavorable exchange rate limiting profits
- S&P 500 ekes out gain after biggest one-day loss in a month
Dollar at Strongest in 7 Months
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Earnings season is off to a rough start in the stock market and American executives are back to blaming their favorite culprit for struggling profits: the U.S. dollar.
Strength in the currency and unfavorable foreign exchange rates have been a constant companion of the five-quarter earnings slump endured by U.S. companies. They’re back again, as firms such as Alcoa Inc. cite a stronger dollar more often than any other impediment to profit growth, according to an analysis by Pavilion Global Markets Ltd.