Could This be Rational Exuberance?

Sometimes economics can boil down to a matter of feelings, and investors around the world have been feeling pretty good—or at least a lot better than they were when apocalypse seemed imminent. With America's war in Afghanistan proceeding satisfactorily and predictions of more terrorist attacks proving unfounded, money has been flowing back into U.S. stock markets, sending them to levels above where they were before Sept. 11. Asia's investors, who tend to feel good when their American counterparts feel good, have followed suit. In Singapore—which is limping through the biggest economic downturn in its history—the stock market is up more than...

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