America's most valuable company warned investors on February 17 that its sales would miss the mark because of chaos caused by the coronavirus outbreak in China.Yet investors, betting the coronavirus storm would soon pass, plowed into tech stocks, sending the Nasdaq to a record high the next day. By February 19, the S&P 500's price-to-earnings ratio, a common valuation metric, climbed to new cycle highs.
That's the highest level since May 23, 2002 and well above the 10-year average of 14.9. Moreover, nine of the market's sectors were sporting P/E ratios that exceeded their 20-year averages, FactSet said.In other words, markets were due for a correction, as Goldman Sachs presciently warned last week.
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All about the money. Not much about the people?
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