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US stocks end mostly lower on valuation worries

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NEW YORK: The Dow and S&P 500 both fell on Wednesday (Jun 17) as markets monitored increased coronavirus cases amid worries US stocks are overvalued.

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The lackluster session came after Tuesday's rally in which major indices gained around two percent following surprisingly good retail sales data and a positive clinical study of a coronavirus treatment. The"market has made a big run in a short amount of time in the face of a really tough economic climate," O'Hare said."The market is due for a cooling-off period."O'Hare said a catalyst for late selling was an interview with investor Jeremy Grantham who warned on CNBC that the US is forming a stock bubble.

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