The stock market will not quit. Already notable for its mostly unstoppable rise this year — despite a pandemic that has killed more than 300,000 people, put millions out of work and shuttered businesses around the country — the market is now tipping into outright euphoria. “The market right now is clearly foaming at the mouth,” said Charlie McElligott, a market analyst with Nomura Securities in New York. By some measures of stock valuation, the market is nearing levels last seen in 2000, the year the dot-com bubble began to burst. Initial public offerings, when companies issue new shares to the public, are having their busiest year in two decades — even if many of the new companies are unprofitable.

Source: New York Times December 26, 2020 14:26 UTC