Cheap is converging with expensive in the American equity market, narrowing options for investors looking for bargains after the broadest rally on record lifted almost 90% of the Standard & Poor’s 500 Index this year.
Money has been flowing in and out of financial markets more rapidly than ever before this year, a bullish signal as the threat of a U.S. government default fades.
International Business Machines Corp., whose $186.60 share price and 2.6% loss in 2013 combined to restrain the Dow Jones Industrial Average more than any other stock, is about to have its influence diluted.
