Stocks at highest value vs sales since dot-com bust

The S&P 500 is trading at 2.3 times sales, it's highest level since the 2000 peak that preceded the bursting of the Internet bubble, Bloomberg reports. One strategist tells Bloomberg "a market correction of about 10 percent is overdue."

Why it matters: Stocks have risen to record highs throughout the Trump presidency, partially buoyed by the promise of tax cuts which are finally passing today. White House economic adviser Gary Cohn said an Axios event earlier today stocks are poised to go even higher because of the strong U.S. economy and the full benefit of tax cuts "are not priced in."