The latest speculation on central bank intentions buoyed shares on both sides of the Atlantic on Friday. However, gains in the U.S. were tempered by worries that the market may be overextended. "When valuations start to get stretched, that's when we get nervous. This thing can go on for a while, but we're becoming more cautious," said Wasif Latif, vice president of equity investments at USAA Investments.

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