While the companies that make up the S&P 500 tallied a collective $114 billion in losses in the still-being-reported fourth quarter, the scenario would be remarkably different - and profitable - if 10 companies behind $131 billion in losses were removed from the picture, according to S&P's senior index analyst Howard Silverblatt.

ConocoPhillips, at the top of the list, was among the investments listed as "dumb" by billionaire investor Warren Buffett, who said he bought a large amount of the company's stock when oil and gas prices were nearing peak levels.

Time Warner placed second, after the media and entertainment giant in February reported a $16 billion net loss in the fourth quarter.

Merrill Lynch lost $15.8 billion in the fourth quarter, about $500 million more than parent Bank of America Corp., which in September announced it would buy the troubled financial services firm.

Freeport-McMoRan Copper & Gold Inc. lost $13.9 billion, or $36.78 a share, in the fourth quarter amid hefty inventory and asset write- downs, while Citigroup Inc. tallied a $10 billion loss to place fifth on Silverblatt's list.

The five next heaviest weights on the S&P were Wachovia Corp., newly acquired by Wells Fargo & Co., General Motors Corp., Symantec Corp., Devon Energy Corp. and Regions Financial Corp.

But even removing the 10 hardest-hit companies, the overall market picture would still be less than bright.

"The fact that the 10 worst losses accounted for $131 billion, therefore leaving the remaining 490 issues with positive earnings, is relevant, but saying the index is positive is akin to saying that the S&P 500 is up 12 percent from its Oct. 9, 2007, highs, if you only had purchased the six issues that are up since then," said Silverblatt.

Three of those half-dozen companies come from the consumer discretionary sector - education services provider Apollo Group Inc., specialty retailer AutoZone Inc. and discount retailer Family Dollar Stores Inc., which in January raised its quarterly dividend after a profitable quarter.

Listed among the consumer staples, Wal-Mart Stores Inc., the globe's biggest retailer, last month reported better-than-expected earnings for the fourth quarter.

The six included one standout from the energy sector - natural- gas firm Southwestern Energy Co., which on Thursday reported fourth- quarter earnings climbed 45.5 percent, and another from health care, namely biotechnology firm Gilead Sciences Inc.

Of 479 reported issues, or 98 percent of the index's market value, 134 reported negative earnings, and that tally excludes the more than $61 billion loss reported Monday morning by insurer American International Group Inc.

Word of AIG's loss, along with the government hiking its stake in the battered insurance giant, helped push stocks down Monday, with energy, materials and industrials fronting the declines that stretched to include all 10 S&P sectors.

Trading below 7,000 for the first time since Oct. 28, 1997, the Dow Jones industrial average fell 299.64 points, or 4.2 percent. The blue-chip index finished at 6,763.29, its first close below 7,000 since May 1, 1997. The S&P 500 fell 34.27 points, or 4.7 percent, to 700.82, while the Nasdaq Composite Index shed 54.99 points, or 4 percent, to 1,322.85.

For the S&P, February proved even worse than January, with the index shedding 11 percent of its value, the second worst February since 1933, when the S&P lost 18.4 percent. Combined with its 8.6 percent drop in January, the S&P sputtered to its worst start to any year, down nearly 19 percent.

The nearly 28 percent valuation dive by General Electric Co. had the industrial sector giving financials a run in the race to the bottom, with the former falling 18 percent and the latter diving more than 18 percent.

While all 10 sectors of the S&P fell during the first two months of 2009, telecommunications fared the least poorly, shedding just 2.84 percent.

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