With 85% of second quarter earnings in the books, S&P 500 earnings now stand at $34.70, which is 30% greater than the final numbers for the second quarter of 2002. While the recent surge in earnings growth can be attributed in part to the depressed levels of last year's earnings, today's chart illustrates that 30% earnings growth is rare. If the numbers hold, it will be only the fifth period since 1950 that 12-months earnings growth has topped 30%.
Notes: - Earnings growth is based on 'as reported' (GAAP) S&P 500 earnings. - Earnings were not adjusted for inflation.
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