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S&P bear case shows median stock above bull-market peaks

COMPARING LEVELS: According to Minneapolis-based Leuthold, even after the 8.9 per cent drop in the S&P 500 since its May record, the median stock hasn't shrunk enough to match its average valuation at the last five bull-market peaks.

New York

IF you're looking for a floor in equities, you may not want to look at research into the valuation of the average US stock authored by Leuthold Weeden Capital Management LLC. The study, published on Wednesday in a note titled How Far Could it Fall, examines a handful of...

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