Analysis: S&P closes in on record, but stocks may still be cheap

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Traders work on the floor of the New York Stock Exchange in New YorkNEW YORK (Reuters) - In March 2009, it was easy to say stocks were cheap - the S&P 500, after all, had lost half its value. Fast-forward almost four years, and U.S. stocks have recovered almost all of those losses, and now sit just a stone's throw from a new record. It might be tempting to suggest it is time for a pullback. Yet, for many investment strategists, the combination of a gradually improved economy, Federal Reserve stimulus, and relatively inexpensive valuations has them predicting further gains - and even talking about the chances of a new bull market. ...

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