S&P 500 earnings are tracking up 31.4% from a year ago for Q3, per FactSet. That would be the third straight quarter above 25%. The index still fell 2.7% last week and sits about where it was in July. So the forward P/E has dropped to 17.7, below its 5 year average of 19.8. Profits keep growing while the price on them keeps falling.
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