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Article: The Bull Market That's Missing Something - New York Times
- Article from:
- The New York Times
- Article date:
- May 20, 2007
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SO far, this bull market has benefited from several tailwinds, including the resilient economy, reasonably low interest rates, better-than-expected corporate profits and,most recently,a flurry of merger-and-acquisition activity. But one missing ingredient has been the willingness of investors to pay higher prices for earnings. So far, its been an untapped driver of returns, said Jeffrey N. Kleintop, chief market strategist at LPL Financial Services in Boston. In every bull market since 1942, investors gradually gave higher price-to-earnings ratiosto stocks as those rallies unfolded. Indeed, the average P/E ratio for the S.& P. 500 has typically grown from 13.5 at the start of new bull ...
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