Market Extra: With stocks and bonds looking pricey, investors see little that’s appetizing

For years, a key driver for U.S. stocks has been the idea that, no matter what potential headwinds there may be, they were more attractive than bonds. But now, with major equity indexes at records and valuations stretched by many metrics, that argument has become less compelling.

Adding to the uncertain environment for market participants, bond yields remain low by historical standards, meaning that the primary alternative to equities doesn’t look very alluring either, offering investors few appealing options.

“There’s been an expression for stocks in markets: TINA. It stands for, ‘There Is No Alternative.’ I think the most appropriate expression for this market is CITA.

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