Stocks in ‘Euphoric Land’ With Nasdaq 100 Surging Past 12,000
- The S&P 500 is poised for best August since 1986 with 7% gain
- Citi’s sentiment model shows persistent extreme bullishness
Photographer: Jin Lee/Bloomberg
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The record-setting advance in U.S. stocks is fueling readings of investor bliss not seen since the dot-com era. Gains in Tesla Inc. and Apple Inc. following stock splits helped push the Nasdaq 100 past 12,000.
A sentiment gauge, Citigroup’s panic/euphoria model, which tracks metrics from options trading to short sales and newsletter bullishness, is having its longest run of extreme bullishness since the early 2000s. At around 1.1, the current reading is almost three times the level that denotes euphoria. Tesla jumped 8.5% and Apple climbed 3.6% as the two began their first day of trading at a more accessible price point.