Yesterday the S&P 500 closed at 1122.....
The first time it hit 1122 was on 4/03/1998....at that time
the 12 month trailing GAAP earnings was 44.09
S&P 500 GAAP earnings yield 3.93%
Moody's Baa Bond Yield 7.21%
Later on...on 1/05/2004 the S&P 500 closed at the same level 1122....at that time
the 12 month trailing GAAP earnings was 54.69
S&P 500 GAAP earnings yield 4.87%
Moody's Baa Bond Yield 6.68%
Yesterday we closed at 1122....the 12 month trailing GAAP earnings is 67.10 (as of the close
of the 2nd qtr)*
S&P 500 GAAP earnings yield 5.98%
Moody's Baa Bond Yield 5.75%
* This is the estimate from Standard and Poors and it should be on the button because 496 of
the 500 companies have reported.
