A record-breaking rally in stocks paused as investors assessed whether valuations are overstating the economy’s gains. The latest positive data show Americans increased their spending at retailers by 0.1% last month. But that didn’t lift equities. ‘There aren’t any stones unturned,’ said Alec Young at S&P Capital IQ. ‘You reach a point where investors aren’t willing to bid things up any more.’ Stocks have surged thanks to an improving economy, the Fed’s stimulus, record corporate earnings, and signs housing is reviving. On Monday, telecoms fell the most of any S&P 500 group; health care companies rose the most. They are up 21% this year.