One measure of equity valuation is the price-earnings (P/E) ratio. The P/E ratio for the market, or the Standard & Poor’s 500 Index, is the index’s price divided by the earnings per share for the index. Based on the closing price of the S&P 500 Index on March 1, 2017, (following a 300-point Dow one-day rally), the trailing P/E ratio of the Index was 22.47. In comparison, the average of quarter-end trailing P/E ratios since March 31, 1990, is 19.03. So the current P/E . . .