Market Views
Stocks Getting Cheaper as Forward Earnings Projections Outpace Price Gains
Stocks are less expensive than they were in January. That may sound unlikely with the index near a record, but forward earnings for the S&P 500 have grown roughly twice as fast as prices this year. Ed Yardeni describes it as FEMO, fabulous earnings momentum, rather than FOMO. However, investors are getting more future earnings per dollar than they were eight months ago.
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