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Record Stocks at Lowest Valuation Since 1980 as S&P Shunned

Even after U.S. stocks more than doubled in the four-year bull market, companies in the Standard & Poor’s 500 Index are cheaper than at any record high since 1980 as individual investors shun equities.

The S&P 500 rose to within 1 percent of its high last week, gaining 131 percent from its lows. The index trades at 15.4 times reported profit, below the average 19.9 reached in bull markets since 1962, according to data compiled by Bloomberg. The Dow Jones Industrial Average erased all losses from the financial crisis on March 5 and has added 11 percent this year.