Since October 2022, the U.S. stock market has experienced a remarkable upswing. The Vanguard S&P 500 ETF (NYSEMKT: VOO) has surged by an impressive 56.6% over this period. This bull run has been fueled by attractive valuations following Federal Reserve rate hikes, positive corporate-earnings reports, and widespread enthusiasm surrounding artificial intelligence (AI) advancements.

However, this prolonged rally has not been without its skeptics. Market analysts have raised concerns, pointing to the S&P 500's cyclically adjusted price-to-earnings (CAPE) ratio, which currently hovers around 36 -- more than double its historical average of 17. This elevated valuation has sparked debate about potential market overheating and the looming risk of a significant correction.

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Source Fool.com