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Stocks are the most expensive since the 1980s based on one critical metric

3 days ago   |   By Business Insider

Reuters
Traders are paying the most relative to the S&P 500's price/earnings-to-growth ratio in more than three decades, Bank of America wrote in a Thursday note.
Bank of America began tracking the PEG ratio in 1986, and the index's current ratio of 1.8x is the highest the bank has observed.
The S&P 500's price-earnings ratio recently hit its highest level since 2002 at 18.6x.
The US market "is running on fumes," BofA strategist Savita Subramanian wrote, and stocks could see "multiple compression" before the year is out.
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