A rebound in corporate profits and the recent drop in bond yields are helping to moderate US equity valuations, bolstering the case for owning stocks even as markets stand near records and economic growth is expected to slow. The benchmark S&P 500 has climbed more than 17% so far this year, galloping higher despite concerns over a surge in inflation and a projected fall-off in economic growth. At the same time, however, stock valuations have edged lower since the start of the year. The S&P 500’s price-to-earnings (P/E) ratio, a commonly used measure of the market’s valuation, stands at 21.4 times earnings estimates for the next 12 months, according to Refinitiv Datastream. That is still wel
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