Below we highlight a chart of the the price to earnings ratio of the S&P 500 (as reported earnings) since 1900. We also provide a logarithmic chart of the actual index price for comparisons. As shown, the late 1990s saw the highest p/e levels in history, and the earnings growth of this bull market has brought it back in line with historical readings. Currently, the p/e ratio of the index is about 17.5. The average since 1900 is 15.73.
Later today we'll highlight the historical dividend yield of the index, so be sure to check back if you're interested.