The S&P 500, Dow-30, and Nasdaq 100 closed at new highs, with the market news being mostly friendly since the start of October — despite a slowing global economy, ongoing U.S.-China trade war, and impeachment drama.

The march to new highs has pushed the S&P 500’s forward P/E ratio to 17.2, the highest since last January.  Excluding the dot-com bubble, the P/E has averaged 14.4 times the next 12 months’ earnings on average since 1986.

With volatility low, a whole lot of good news appears to be already priced into the markets.


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