With first-quarter earnings basically in the books (99% of S&P 500 companies have reported for Q1 2010), today's chart provides some long-term perspective to the current earnings environment by focusing on 12-month, as reported S&P 500 earnings.
Today's chart illustrates how earnings declined over -92% from its Q3 2007 peak to Q1 2009 low -- the largest decline on record (the data goes back to 1936).
Since its Q1 2009 low, S&P 500 earnings have surged (up over 700%) and currently come in at a level that has only been exceeded during the latter years of the dot-com and credit bubbles.
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