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No bubble in sight as Nasdaq nears its 15-year-old peak

Analysts say Fed's rate policy, incubation of startups before IPO and Apple's rise underpin rally

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The Nasdaq Index is 4 per cent below its peak recorded in March 2000 after gaining 15 per cent over the last 12 months.

New York

AS the technology-heavy Nasdaq Composite Index closes in on the all-time high it reached in March 2000, investors are facing a market that barely resembles the go-go era of 15 years ago.

Valuations, as measured by what investors are willing to pay for the last 12 months of