The S&P 500 remains within a whisker of its all-time high, despite faltering a bit today. Although much of its gain since spring 2020 has reflected growth in earnings, its valuation has also risen sharply and in cyclically adjusted terms is nearly as high now as it was at the height of dot com mania. While that might ring alarm bells, we don’t expect the return from it to be as bad in the next decade as it was in the 2000s.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services