To clarify what I think you mean, the P/E ratio is rising and is now above historical averages for the S&P 500 dataset. The only times in the past where this wa

To clarify what I think you mean, the P/E ratio is rising and is now above historical averages for the S&P 500 dataset. The only times in the past where this was true was in the bubble days of the late 90s and mid 2000s. The takeaway is that stock prices are not actually supported by the underlying earnings gains, even if earnings are going up - this is evidence of an overheated market.