Below we provide trailing 12-month P/E ratio charts over the last year for the S&P 500 and its ten sectors. As shown, the S&P 500's P/E is currently at 13.05, which is close to the lows for the year. The index is basically flat for the year (the P in P/E), while its P/E has dropped from 15 down to 13.05. This means earnings (the E in P/E) have gotten stronger.
The Utilities sector is the only sector that has seen its P/E rise in 2011, from just under 12.5 up to 13.68. Surprisingly, the Technology sector's P/E is currently just 0.03 points higher than the P/E for Utilities! Last time we checked, Utilities wasn't a growth sector. The Energy sector currenly has the lowest P/E at 10.46. Would you rather own the Energy sector with a 10.46 P/E or the Financial sector at 10.66?