Good news for S&P 500 bulls: Stocks are starting to look more attractive than Treasuries following this summer's bond rally.

The S&P 500 blended 12-month forward dividend yield is currently offering about 2 basis points more than U.S. 10-year notes, according to Bloomberg data. Lower interest rates have helped stock bulls justify high prices, but bears have said weak economic growth will take out riskier assets soon.

The S&P 500 finished August with a gain for the month, lifting the index more than 10% higher for the year.

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