SAN FRANCISCO/NEW YORK (Reuters) – As Wall Street approaches the 20th anniversary of the piercing of the dot-com bubble, today’s decade-old rally led by a few small players shows some similarities that cautious investors are keeping an eye on.
FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City, U.S., October 24, 2016. REUTERS/Shannon Stapleton/File Photo
March 11, 2000 marked the beginning of a crash of overly-inflated stocks that would last over two years, lead to the failure of investor favorites including Worldcom and Pets.com and take over 13 years for Wall Street to recover from.
That bust ended a 1,000% decade-long Nasdaq .IXIC rally that had been fueled by low interest rates and a rush to invest in the emerging World Wide Web, often at any cost.
Now, after hitting a record high on Feb. 13, the Nasdaq has reached over 9,700 points, almost double its high point in 2000 and about eight times the level of its trough in…
Source Reuters Tech News