Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Friday, 24 April 2015

NASDAQ record close

Record gone

The NASDAQ set a closing record overnight at 5,056.

It has been a long, slow haul back from the crash which saw the index capitulate from 5,048 to a low of just 1,114 in 2002

During the trade the index fired as high as 5,073 as easy monetary policy continues to bolster stock valuations.

The preceding peak saw a number of tech start-ups trading at wild valuations of hundreds of times earnings.

Analysts are not seeing that so much this time around.

For one thing social media firms such as Facebook actually have an "E" (and not just a "P") which always tends to be a handy inclusion in the calculation of a P/E ratio.

Over in the Old Dart the FTSE is also partying like it's 1999, recently breaking through 7,000 to new record highs.