纳指15年后突破网络泡沫时期峰值
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.
纳斯达克综合指数(Nasdaq Composite)周四收盘创下纪录，在投资者经历过一次最大规模股市崩盘后，该指数历经15年终于完成了复苏。
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.
目前该指数市值已达7.7万亿美元，是科技股的“晴雨表”，昨日终于超过2000年3月网络泡沫时期的峰值水平，收于5056.06点，距离5132.52点的盘中纪录高点已不远。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.
在纳斯达克指数从上次互联网泡沫破裂复苏的长期过程中，该指数的组成已发生显著变化，期间美国股市经历了两个牛市，企业也创造了创纪录利润。
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.
在各国央行推出大规模宽松政策之际，全球很多股市处于空前或多年高点，纳斯达克也创下新的记录，这源于投资者对处于创新前沿公司的兴趣，包括很多像苹果(Apple)这样拥有巨额现金的公司。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月以来，纳斯达克指数已累计上涨逾20%，超过标准普尔500指数(S&P 500)14%的涨幅。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.
以全球市值最高企业苹果(Apple)为首的科技股得益于稳健的收入和利润预期。苹果在纳斯达克指数中的权重占到了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年后才诞生的其他创新企业（例如Netflix、Tesla、Facebook和LinkedIn）的崛起，突显出过去15年纳斯达克指数的显著变化。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.
网络泡沫时期的宠儿亚马逊(Amazon)和Priceline已从互联网崩盘的灰烬中重生，很多生物科技企业也推动了纳斯达克的复苏。科技热潮时期的中坚力量（包括微软(Microsoft)、英特尔(Intel)和思科(Cisco)）现在仍是纳斯达克备受关注的成分股。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.
与网络泡沫热潮时期相比，如今纳斯达克领先成分股的估值要低得多。FactSet称，目前纳斯达克的动态市盈率为26倍。而在网络泡沫时期则高达72倍，思科(Cisco)为127倍，甲骨文(Oracle)为103倍，雅虎(Yahoo)为418倍。
