“The Nasdaq composite is finally back to where it was 15 long years ago at the tippy-tippy top of the dot-com stock bubble,” as USA Today is reporting. “The tech- and biotech-fueled stock index closed at a new record high Thursday, finally wiping out all of the nearly 80% loss it suffered after the tech-stock crash in 2000.
“The old closing record of 5048.62 dating back to the dot-com era and March 10, 2000, was eclipsed Thursday. The Nasdaq, the onetime posterboy for stock market excess, climbed 20.89 points, or 0.4%, to a new all-time closing high of 5056.06.
“After crashing during the 2000-02 bear market, few folks on Wall Street thought the Nasdaq, which arguably was the biggest stock market bubble in history, would ever hit a new high in their lifetime.
“’No, I didn’t think I’d see it, but then again, I didn’t think I’d see the Berlin Wall come down so peacefully,’ says Quincy Krosby, a market strategist at Prudential Financial. ‘I didn’t think I’d see Nasdaq climb this high in just 15 years , but then again I never thought I’d see the Fed’s balance sheet reach $4.5 trillion, either.’”
The rest of the article is here.