Valuation Warning Leaves S&P 500 Unmoved as Worst Losses Erased
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Another observation about elevated prices in the U.S. stock market from the Federal Reserve provided only brief drama for investors Wednesday.
Nine months after saying social media and biotechnology shares looked stretched, U.S. Federal Reserve Chair Janet Yellen said Wednesday stock valuations are “quite high” and could spur financial instability. While the Standard & Poor’s 500 Index slipped on the statement, it closed near its level when the warning was issued, down 0.5 percent.