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The current S&P500 PE is 29.4 based on an index of 771 (2/20/09) and GAAP earnings of the trailing 4 quarters.
PE ratios should not change until May/June 2009 when new quarterly results are reported.
You will get different results based on what type of earnings numbers you use in the calculation. For example, GAAP earnings may include one time "nonordinary" profits & losses, whereas operating income will be more representative of the actual operations of the company because it does not include these "unusual" items.
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M$
The photo is a Chart For the lasted Reporting Quarter 3/31/1009
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P/E of Dow (DJIA) right now (12:11 pm, PDT 4/17/09) is 31.80
P/E of S and P 500 (SPX) is n/a because the E (earnings) is negative.
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