Investors did not take in the sense - high quotes American papers say that it's time to dump the shares - at AMarkets materials.
S & P 500 will trade at a P / E multiplier at the level of 17.3 - this is the forecast for the next 12 months. This is well above the 10-year average at the level of 15.6-15.9 (according to various estimates). Current value P / E - 18.8. It is expected that the S & P 500 index dropped by 0.5% in the third quarter, but then grow by 8%, 15%, 13%, respectively, over the next three quarters - Thomson Reuters data. There is a category of players who believe that it is impossible to predict the future of US securities based on P / E.
Firstly, because corporate profits under pressure is particularly prominent in recent years (figures are falling four consecutive quarters).
Secondly, the relative attractiveness of stocks is enhanced by a full unattractive bond market.
Of the two "evils" - stocks or bonds - investors prefer stocks. The rate of return for the S & P 500 is now about 5.8%, the rate for high-yield bonds, calculated by Merrill Lynch US High Yield index - 6.4%. For bonds with a higher risk of this low rate of return.