The S&P 500 Index is overvalued, Bloomberg warns. According to the agency, its real returns now match the levels seen in mid-2018 and early-2020. This is a dangerous signal - those periods were followed by major stock market crashes. According to the agency, investors should think about the real value of the index. By the results of Wednesday it rose again - the growth was 1.57%. At the same time, its yield, which is an important indicator, is now little more than 2%. The return on the U.S. stock market before the 1987, 2000, and 2008 crashes was below 0%. The return on the S&P 500 now looks better, but it is nonetheless near levels that also preceded significant crashes in 2018 and 2020: the former saw its most significant decline since the Great Depression, and at the beginning of the second, the worst and fastest ever.