Record run on Wall Street sets alarm bells ringing

The US stock market is at its most overvalued ever on some closely watched measures as Wall Street continues to rise despite the global downturn. The average S&P; 500 stock is trading at record high valuations factoring in profits, surpassing levels seen during the dotcom bubble on some measures, according to Bank of America. Investors warned that US stocks “cannot defy economic gravity indefinitely” after the wave of central bank stimulus triggered a remarkable turnaround on mar