The S&P 500 is at its most expensive by this measure. These stocks have bucked the trend.
The U.S. benchmark just hit its highest price/trailing sales ratio ever. The broad U.S. stock market is trading at a historically high level to companies' revenue. But there are plenty of companies whose stocks haven't followed suit.That warning included a long-term chart showing the ratio of the S&P 500's price to trailing sales. These are prices to rolling 12-month revenue figures, weighted by market capitalization.Tuesday's closing price/trailing sales ratio of 3.19 for the S&P 500 SPX was very high relative to the average level of 1.88 going back to the end of 1999. But that average reflected the bursting of the dot-com bubble in the early 2000s, as well as the brutal decline from late 2007 through early March 2009 during the financial crisis.We actually screened the more expensive Nasdaq-100 Index NDX for a tech-oriented screen of stocks that have resisted the high price/sales trend. But let's first dig a bit further into the S&P 500.
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