Golden Finance reported that Bank of America strategist Michael Hartnett said that the strong rebound in U.S. stocks and cryptocurrencies makes these asset classes look like bubbles. According to data compiled by the agency, the S&P 500's price-to-book ratio surged to 5.3 times in 2024, approaching the peak of 5.5 times reached at the height of the tech bubble in March 2000. Hartnett said the risk of an "overshoot" in early 2025 is high if the S&P 500 approaches 6,666, about 10% above current levels. The bank's bull and bear market indicators are yet to show signs of exuberance among global investors.