These 2 Stocks Just Made 52-Week Highs On A Down Day For The Market

The S&P 500 fell 15 points, but the news wasn’t all bad for the financial sector as two big names made new 52-week highs on Monday.

Goldman Sachs Group Inc GS bucked a recent trend, as the stock is now knocking on the door of $200 per share for the first time in over five years.

Goldman stock is now up nearly 11 percent for the year, but several valuation metrics indicate that its run may not yet be over.

With a reasonable price to book ratio (P/B) of 1.23, relatively low price to earnings (P/E) and forward P/E both around 11.3, there’s an argument to be made that even at five-year highs Goldman could still be undervalued.

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The Allstate Corporation ALL, meanwhile, recently broke out into new all-time highs, and showed no signs of slowing down on Monday, finishing slightly higher on a big down day for the market.

Allstate stock has been on fire this year, rising more than 26 percent year to date.

Much like Goldman, even at these all-time highs, valuation doesn’t look to be a weight on Allstate.

Both its P/E and forward P/E remain under 12 at these price levels.

Investors should be careful of the white-hot stock in the short term, as Allstate is up about 15 percent since touching $60 in mid-October without any major pullbacks.

Big down days for the market are part of a healthy bull market. However, on days like Monday, certain market leaders like Goldman and Allstate can demonstrate just how strong they are.