Since the March 9th low, the indicated dividend yield of the S&P 500 has dropped from 4.12% to 3.12%. At the same time, the yield on the "risk-free" 10-Year Treasury Note has risen from a low of just over 2% to its current level of 3.15%. The fact that the 10-Year yield is now higher than the dividend yield of the S&P 500 makes equities less attractive.
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