By Lewis Krauskopf
NEW YORK (Reuters) -With Wall Street’s surge to record highs, the U.S. stock market looks nearly as expensive as ever, and investors are debating whether the lofty valuations are a bearish signal or justified by the technology-heavy market’s profit outlook.
Few investors would argue the broad stock market is cheap. Since late last month, the benchmark S&P 500 has traded above 22 times its expected earnings over the next year, according to LSEG Datastream. That’s a price-to-earnings level the index has ascended to only about 7% of the time over the past 40 years.
Determining appropriate…
