S&P 500 PE looks cheap, but high oil prices still pose a threat.

Wall Street has roared back to record highs even as uncertainty ⁠over ⁠the conflict in Iran lingers, a risk highlighted by a steady ⁠drumbeat of CEO warnings about the economic toll of a prolonged period of high oil prices. The reason? Stocks look cheap. The S&P 500 ​is trading at the equivalent of 20.8 times its constituents’ expected earnings over the next 12 months. That price/earnings ratio is near its lowest in a year, suggesting U.S. stocks are a better buy now than at ‌the start of...

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