BofA Responsible For All Of S&P 500 Q2 Earnings Growth

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(Martinez Report) -- The S&P 500 may be screwed.

From Business Insider: "Barry Knapp thinks the Fed is out of ammo in an environment of lackluster economic growth and sees the S&P 500 sinking to 1200 sometime this summer. 

"Many analysts have argued that economic weakness would be bullish because it would encourage the Fed to unleash more stimulus. However, Knapp said that "stocks won't be in a position to rally irrespective of what the central bank does" given the current reality of weakening economic growth.

"Knapp's S&P 500 call: I have us going to 1200 around about the end of July or early August."

Do not fret, though. FactSet Research Systems is projecting 3.6% growth for the S&P 500 Q2, and this time (NASDAQ: AAPL) isn't the reason why.

From FactSet: "Overall, the estimated earnings growth rate for the S&P 500 for Q2 2012 is 3.6%, slightly below last week’s estimate of 3.7%. Downward revisions to estimates for companies in the Utilities and Financials sector were mainly responsible for the small drop in the growth rate. (NYSE: BAC) Bank of America is expected to be the largest contributor to earnings growth for the index at the company level, mainly due to an easy comparison to a large loss reported in the year-ago quarter. Excluding Bank of America, the projected earnings growth rate for the index falls to -1.1% from 3.6%."

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