(CNBC) — U.S. stocks closed marginally higher on Tuesday on the heels of disappointing housing data, while investors awaited the latest monetary policy decisions from the Federal Reserve and the Bank of Japan.
"You're dealing with three issues," said Rob Bartenstein, CEO of Kestra Private Wealth Services, referring to seasonality, valuations and the Fed. "You've got everybody waiting to see what the Fed is going to do, which I think is nothing."
"We're not hyper-valued, but we're in one of the top four most-valued bull markets of all time," he said. "Valuation alone won't bring down the market, but if we get something unexpected, valuations are going to be under a microscope."
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