High-Priced Stocks Torturing Bears as S&P 500 Record Looms

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  • Rally shows how negative sentiment can embolden buyers
  • Elevated P/Es no hurdle for gains should profits recover

Are U.S. Markets Seeing a Relief Rally?

Profits are falling, valuations are the highest in a decade and the U.S. just reported the worst hiring since September 2010. Despite it all, stocks have strung together a series of up days that pushed the S&P 500 Index closer to a record than any time since July. How?

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