The stock market has been in rally mode this year. The S 500 has gained nearly 20%, while the tech-heavy Nasdaq 100 is up over 35%. Because of that, most stocks aren't as cheap as they were at the beginning of the year.

However, there are still a few bargains out there. (NYSE: VZ) and Kinder Morgan (NYSE: KMI) trade at absurdly cheap valuations these days. That's one of the many factors making them look like great long-term investments for those with around $500 to invest right now.

Verizon shares currently sit about 11% below their peak from earlier this year. That has the telecom giant trading at a cheap price. It trades less than 8 times its forward price-to-earnings (PE) and about 11.5 times its free cash flow (or an 8.7% free-cash-flow yield).

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Source Fool.com