If you value the S&P 500 on earnings, its price-to-earnings ratio of 28 is also significantly above its historical norms. The Vanguard FTSE Developed Markets ETF trades at 15.5 times earnings today, a ...

The SPDR S&P 500 ETF (SPY) has bounced back in the past few weeks, rising from the monthly low of $483 to a high of $550.