NEW YORK: As companies in the benchmark Standard & Poor’s 500 (S&P 500) begin to release lacklustre second quarter results, rich valuations threaten to keep the US stock market spinning in place.
At 16.5 times forward estimates, the S&P 500, up less than 2% for the year to date through midday Friday, was about 10% more expensive than its historic average of 15, according to Thomson Reuters estimates.
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