Surging U.S. Stocks Echo Dot-Com Rally With Cheaper P/E

Every day, the American bull market looks more and more like the dot-com bubble of the late 1990s. Except when it comes to valuations.

The Standard & Poor’s 500 Index closed above 2,000 today and the Nasdaq Composite Index is within 10 percent of a record reached in March 2000, a time when Pets.com Inc. was worth more than $150 million. Investors have seen annualized returns of