The stock market may be pricey, but it’s nothing like the genuine market bubbles of the past


Traders wearing masks work inside posts, on the first day of in-person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020.

Brendan McDermid | Reuters

Bluster about bubbles is blowing through Wall Street again, stirring investor passions and kicking up enough dust to cloud investors’ view of the market’s message. 

Stocks’ surge off the panicky March lows has been so fast and dramatic alongside an economy only slowly emerging from a pandemic shutdown, that observers have insisted the only explanation is an irrational collective speculative furor pushing asset values away from…


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