BofA Says the S&P 500 Is Expensive and Suggests Buying Oil Instead of Gold

The S&P 500 index currently operates with valuations that far exceed its historical averages, which led Bank of America (BAC) strategists to warn that the US stock market is at a point of generalized overvaluation. See more: Morgan Stanley, BofA and Citi raise Nvidia's target price: time to buy the stock?According to the analysis, the S&P 500 quotes multiples higher than the average in the 20 metrics of valuation monitored by the entity. The pri…