According to CNBC, the S&P 500 hit several new highs in August as second-quarter corporate profits reached a postwar record share of the U.S. economy. Commerce Department data showed pre-tax profits at $4.8 trillion, or 17.9% of national income, the highest share since records began in 1947, while after-tax profits rose to 14.6% of national income from 13.7% in the first quarter. Evercore ISI said second-quarter earnings per share for the S&P 500 were up 50% year over year, and analyst Julian Emanuel called the period one of the strongest earnings seasons ever. The article said employee compensation fell to 60.2% of total income in the second quarter, the smallest share since 1951, while cyclically adjusted price-to-earnings ratios for the S&P 500 were at their second-highest level ever, behind only the peak before the dot-com bubble burst in 2000. Dan Alpert of Westwood Capital said the CAPE ratio was at scary levels and questioned why investors would take equity risk when fixed income offered strong returns. Evercore's Emanuel also said peak EPS growth has often been followed by near-term equity market choppiness, with added volatility likely into the midterm elections.