Stock Enthusiasm Is Snowballing in a February for the History Books
- Index on track to its best February performance in 20 years
- Technology stocks have been leading the U.S. market rally
Photographer: Michael Nagle/Bloomberg
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People are starting to ask if this will be remembered as the month real euphoria broke out in the bull market.
It’s showing up in the Nasdaq Composite Index, headed for its best February in 20 years with a hodgepodge of companies doubling in less than seven weeks. At almost 38 times earnings, the gauge’s price-earnings ratio is now effectively twice as high as it was in 2011, data compiled by Bloomberg show.