Below we highlight the current P/E ratios of the ten S&P 500 sectors and compare them to their bull market medians as well as where they stood at the start of the bull and at the recent 10/9/07 peak. We have sorted the list by where current P/E ratios are versus their bull market medians. As shown, Industrials are now the most below their bull market median, followed by Consumer Discretionary and Financials. The S&P 500 P/E ratio is currently at 17.79, 1.45 points lower than its bull market median of 19.24. At the start of the bull, its P/E ratio was 25.73. As we've mentioned in the past, this is the only bull market where P/E ratios have actually contracted.
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