Even with the late-day surge on Friday, the S&P 500 ended the day with an "earnings yield" of 6.37%, not nearly as attractive though as the yield from Thursday night, March 12th, which (using the forward 4-quarter estimate of $172.71) printed 6.96%, just 3/100ths away from the December 2018 high earnings yield of 7%.
Maybe Thursday night, March 12th, was the bottom.
S&P 500 Earnings data: (Source for forward estimate is IBES by Refinitiv):
- Fwd 4-qtr est: $172.71 vs. last week's $174.30
- Rate of change: +2.94% vs. last week's 3.86%
- PE ratio: 15.7x vs. last