The S&P 500 recently traded at about 17.2 times expected earnings, up from about 16.5 at the start of the year, according to Thomson Reuters Datastream.
In a volatile session, the Dow Jones industrial average finished down a marginal 0.01 percent at 18,472.17 points and the S&P 500 ended down 0.12 percent at 2,166.58.
The Nasdaq Composite added 0.58 percent to 5,139.81.
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