Where the S&P 500 Becomes Cheap

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Dave Wilson:

Stocks look “too cheap to ignore” once the Standard & Poor’s 500 Index falls to between 16.5 to 17 times earnings, John Stoltzfus, Oppenheimer & Co.’s chief market strategist, wrote Monday in a report. When the S&P 500 set this year’s low on Feb. 11, the price-earnings ratio dropped to the bottom of that range. The index rebounded 6.1 percent from that low through Friday, matching the average one-month gain after six earlier instances since 2014 when it fell to that valuation.

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