Oil and gas companies’ contribution to the S&P 500 Index’s earnings has nearly doubled from a year ago as high commodity prices and spending discipline spur record profits while sectors like technology face recessionary headwinds. Energy now represents more than 10% of the S&P 500’s estimated net income, up from 6.5% at the same time last year, according to data compiled by Bloomberg. Still, energy makes up only 5.3% of the index’s market capitalization even after a dramatic run-up in oil producers’ stock prices last year. Analysts expect energy companies’ earnings to stay strong. Even though oil and gas prices ... (full story)