Perhaps you recall the late 90s into 2000, the term used for phony accounting was "pro forma earnings". Have you noticed they had to lately come up with a new term for this fraud, namely "adjusted earnings"? Even GAAP as I understand it was loosened a bit. But I wanted to have a look at GAAP to see how the rise in GAAP of SP500 lately compared to the drop that was experienced before. Well, it seems stockcharts has just about any chart you could need somewhere, here it is !GAAPSPX. I compare to the SP500 chart of the same time frame. As you can see, so far the rebound in GAAP is not so much compared to the drop. And since GDP estimates from the Fed have been lowered to +0.5% recently, well...
Anyway, as you can see, if SP500 was at the same level now when similar GAAP earnings were, we would be around 1650-1700. Whatever.