4 Stocks That Look Expensive
As stocks hit levels not seen in years, these four firms look too rich for our taste.
The market truly has been on a rampage so far this year. The broad-market Morningstar US Market index is up almost 12% year to date, and this week, many of the major stock indexes hit multiyear highs. The S&P 500 broke through the 1,400 barrier, the Dow is comfortably over 13,000, and the Nasdaq is at levels not seen since 2000.
The rally isn't completely an exercise in irrational exuberance. There has been a string of better-than-expected news from the U.S. economy from jobs data to retail sales. Furthermore, the latest Greek-debt deal has helped mute some of the tail risk of a massive blowup in Europe. Add in some decent corporate earnings, and it isn't hard to see why investors are wading into the market again.
Bearemy Glaser does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.