Sep

6

I am reviewing the quarterly earnings results available on the Standard and Poors website now that more than 98% of companies in the S&P 500 have reported earnings through June. S&P 500 trailing 12-month earnings are $104 as of June 30, and the 12-month forward forecast (which, right or wrong, is what the market actually prices) is for $124.

The most interesting thing to me was the dividend yield. S&P 500 trailing 12-month dividends were $47.22 as of June 30, which computes to a 1.95% dividend yield on the June 30 index close of 2423. The attached graph shows that the dividend yield (the blue line) has stayed in a narrow band around 2% since 2010, rising higher during the occasional selloff.


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