With a late morning rally here, the Nasdaq composite index just surpassed its all-time closing high of 5,048.62 from March 10, 2000. At 5,522 days and counting, it certainly has been a long time coming, although many investors who were around at the time and lived through the ensuing crash probably didn’t think this day would ever come.  While the Nasdaq is approaching new highs on a nominal basis, after adjusting for inflation there is still a ways to go before we get anywhere near a new high.  As shown in the chart below, the Nasdaq would have to rally to 7,000.95 on a closing basis to reach a new inflation adjusted closing high.  That’s another 39% from current levels.
Nasdaq Inflation Adjusted
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