Of course, it’s a bubble–even if it’s not ready to pop–but it’s not just the NASDAQ. There’s no fundamental reason for stocks to be breaking records. The economy at best stumbles along.
So why are all the indexs up? Supply and demand. (I aced college economics even if the Smart Guys in Washington didn’t.)
The Fed has been flooding the economy with new money for most of this decade. But it doesn’t come to you or me, it goes to the banks. Where are they putting it? In bonds underwritten by stocks, bonds and commodities.
China has a stock bubble going, too. When they both burst, each country will blame the other. Just as the democrats and Republicans blame each other for everything.
Everything on Wall Street is up (except oil because that supply is burgeoning), and precious little of it trickles down to Main Street
The Fed created this bubble. Bubbles eventually burst.