View from the Observation Deck 

1. From Q1'12 through Q4'15 (16 quarters), the average quarterly earnings beat rate for the 500 companies that comprise the index was 68.0%. The index currently has 504 constituents.
2. The S&P 500 Index posted the following earnings, in dollar terms, during that four-year span (2012-2015): $99.33 (2012); $105.87 (2013); $112.80 (2014); and $110.66 (2015), according to Bloomberg.
3. Equity analysts adjust their corporate earnings estimates on an ongoing basis. Regardless of whether they adjust their estimates up or down, companies typically have a consensus target number or range to hit.
4. Bloomberg's 2016 and 2017 consensus earnings estimates for the S&P 500 Index stood at $119.13 and $134.91, respectively, as of 3/9/16.
5. From 12/30/11 through 12/31/15, the S&P 500 Index posted an average annual total return of 15.32%, according to Bloomberg.   

This chart is for illustrative purposes only and not indicative of any actual investment. The illustration excludes the effects of taxes and brokerage commissions or other expenses incurred when investing. Investors cannot invest directly in an index. The S&P 500 is a capitalization-weighted index comprised of 500 stocks used to measure large-cap U.S. stock market performance.

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