The Wall Street Journal

U.S. Stocks Are Now Pricier Than They Were in the Dot-Com Era

The S&P 500 has never been this expensive, or more concentrated in fewer companies

The 10 largest companies in the S&P 500 accounted for 39.5% of its total value at the end of July, the most ever, according to Morningstar.
The 10 largest companies in the S&P 500 accounted for 39.5% of its total value at the end of July, the most ever, according to Morningstar. Photo: Michael M. Santiago/Getty Images

The S&P 500’s march to a record high this year hasn’t come cheap: By some measures, stocks have never been pricier.

Investors are now paying more than ever for each dollar of revenue the index’s members produce. The benchmark traded at 3.23 times sales on Thursday, a record high.  

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A Band of Retail Investors Powered the Meme-Stock Rally. Now They’re Flexing. External link

A Band of Retail Investors Powered the Meme-Stock Rally. Now They’re Flexing.