S&P heads to first quarter ever of negative earnings

A sixth quarter of negative growth ties the prior record set when Harry Truman was president, running from the first quarter of 1951 to the second quarter of 1952.

"Next quarter, we're expecting a new record of seven quarters of negative growth," Silverblatt added.

As of the close of business Thursday, Silverblatt calculates S&P earnings per share, on a reported basis, at a loss of $10.44 for the quarter. If financials were taken out of the equation, that deficit would drop to $2.35 a share.

"The majority of it is financials, but the biggest issue to hit as reported -- the worst charge -- was ConocoPhillips, which accounted for $3.66," said Silverblatt.