Stock Market Overpriced - Correction on the Horizon

Stock markets in the developed world have risen too much, Robert Shiller, economics professor at Yale, told CNBC Thursday. 

On Wednesday, the Dow bounced above and below the psychologically-important 12,000 for much of the session. But stocks look expensive, Shiller said.

"I would say the market is overpriced based on fundamentals … I'm talking about the US and probably Europe," he said.

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