New York —

The S&P 500 has soared nearly 30% since its low point in April and investors have cheered the index’s ascent to record highs. The market’s rally also means stocks are relatively expensive — and more vulnerable to a surprise.

Stocks had a shaky start to September as investors entered a historically poor month for the market while concerns linger about President Donald Trump’s feud with the Federal Reserve and legal uncertainty enveloping his tariff regime.

The Dow, S&P 500 and tech-heavy Nasdaq slid on Tuesday as investors grappled with the bevy of uncertainty. The Dow was down 450 points, or 1%. The broader S&P 500 fell 1.2% and the tech-heavy Nasdaq Composite slid 1.45%.

Stocks are coming off an impressive run: The Dow and S&P 500 just recorded four consecutive months

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