納指15年後突破網絡泡沫時期峯值
The Nasdaq Composite closed in record territory on Thursday, completing a 15 year recovery from one of the most spectacular equity market busts experienced by investors.
納斯達克綜合指數(Nasdaq Composite)週四收盤創下紀錄，在投資者經歷過一次最大規模股市崩盤後，該指數歷經15年終於完成了復甦。
The $7.7tn technology bellwether has finally topped its March 2000 dotcom bubble peak of 5,056.06 and is within easy distance of the intraday record of 5,132.52.
目前該指數市值已達7.7萬億美元，是科技股的“晴雨表”，昨日終於超過2000年3月網絡泡沫時期的峯值水平，收於5056.06點，距離5132.52點的盤中紀錄高點已不遠。During the Nasdaq’s long journey back from the bursting of the internet bubble, the composition of the benchmark has altered markedly as US equities have experienced two bull markets and companies generated record profits.
在納斯達克指數從上次互聯網泡沫破裂復甦的長期過程中，該指數的組成已發生顯著變化，期間美國股市經歷了兩個牛市，企業也創造了創紀錄利潤。
While many global equity markets are sitting at all-time or multiyear peaks against the backdrop of aggressive central bank easing, Nasdaq’s push into record territory has been spurred by investor appetite for companies at the forefront of innovation, including a number like Apple with vast amounts of cash.
在各國央行推出大規模寬鬆政策之際，全球很多股市處於空前或多年高點，納斯達克也創下新的記錄，這源於投資者對處於創新前沿公司的興趣，包括很多像蘋果(Apple)這樣擁有鉅額現金的公司。Since October, the Nasdaq has risen more than 20 per cent, outpacing the S&P 500’s gain of 14 per cent.
自去年10月以來，納斯達克指數已累計上漲逾20%，超過標準普爾500指數(S&P 500)14%的漲幅。Technology shares, led by Apple, the world’s largest company and carrying a 10 per cent weighting in the Nasdaq alone, are benefiting from robust revenue and profit forecasts.
以全球市值最高企業蘋果(Apple)爲首的科技股得益於穩健的收入和利潤預期。蘋果在納斯達克指數中的權重佔到了10%。The rise of Google and other innovative companies that were not around in 2000, such as Netflix, Tesla, Facebook and LinkedIn, underscores the marked changes in the technology benchmark in the past 15 years.
谷歌(Google)以及在2000年後才誕生的其他創新企業（例如Netflix、Tesla、Facebook和LinkedIn）的崛起，突顯出過去15年納斯達克指數的顯著變化。Dotcom favourites, Amazon and Priceline have risen from the ashes of the internet bust and a host of biotechs have also propelled the Nasdaq’s recovery. Tech boom era stalwarts, including Microsoft, Intel and Cisco, remain high profile members of the Nasdaq.
網絡泡沫時期的寵兒亞馬遜(Amazon)和Priceline已從互聯網崩盤的灰燼中重生，很多生物科技企業也推動了納斯達克的復甦。科技熱潮時期的中堅力量（包括微軟(Microsoft)、英特爾(Intel)和思科(Cisco)）現在仍是納斯達克備受關注的成分股。In contrast with the dotcom frenzy, valuations for leading Nasdaq members are far more restrained. The present trailing price to earnings ratio for the Nasdaq stands at 26 times, according to FactSet. This measure soared to 72 times during dotcom fever with the likes of Cisco at 127 times, Oracle at 103 times andYahoo at 418 times earnings.
與網絡泡沫熱潮時期相比，如今納斯達克領先成分股的估值要低得多。FactSet稱，目前納斯達克的動態市盈率爲26倍。而在網絡泡沫時期則高達72倍，思科(Cisco)爲127倍，甲骨文(Oracle)爲103倍，雅虎(Yahoo)爲418倍。
