31.   Peruvian stocks fell sharply for a second day, on signs that a five-month rally has left stocks expensive relative to their earnings potential.

32.   Some investors questioned whether the company is getting expensive relative to its earnings potential, however.

33.   Small companies have also suffered because the cost of capital has done nothing but get more expensive relative to large caps.

34.   Some investors see that as evidence that Spanish debt is expensive relative to U.S. bonds, or that U.S. debt is a bargain.

35.   Still, he said munis are currently expensive relative to Treasury bonds.

36.   Stocks are expensive relative to earnings and dividends, and interest rates are moving higher, he said.

37.   The rally may have made stock prices expensive relative to earnings potential.

38.   The rally may have made stock prices expensive relative to earnings potential, traders said.

39.   U.S. stocks fell, led by drug and semiconductor companies, amid concern that shares are too expensive relative to prospects for earnings.

40.   U.S. stocks fell overnight, led by drug and semiconductor companies, amid concern that shares are too expensive relative to prospects for earnings.