Even after the recent pullback, the S&P 500 is statistically expensive vs. history - BofA
However, the analysts argue that this comparison might not be entirely fair, considering the significant structural changes in today's index compared to previous decades.
The BofA note highlights several factors that have contributed to this outlook, including the resolution of significant challenges such as the pandemic, geopolitical conflicts, and interest rate fluctuations. Furthermore, the analysts point to ongoing trends such as improving real wage growth and resilient consumer spending supported by strong balance sheets and efficient corporate practices.
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