Down Jones Industrials

10 From a historical standpoint, the yield on the S&P 500 (2%) is very low. This smacks of a market top and underscores the point that the market is too optimistic; investors are willing to forgo yield because they assume that they will get return via the capital gain. The last time S&P yields were this low was in the summer of 2000, and we know what happened shortly after that.