U.S. stocks have never been more expensive, based on this metric - MarketWatch

1. S&P 500's forward P/E ratio at 21.4, near peak levels. 2. Current stock metrics indicate high valuations relative to earnings. 3. U.S. workers need over 200 hours of wages for a unit of S&P 500. 4. S&P 500 rose over 50% since its bear-market low on Oct 12, 2022. 5. Recent inflation data shows a softer reading, aiding stock market recovery.