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Story summary
- Dow Jones, S&P 500 and Nasdaq reached record highs in June 2026.
- AI growth, earnings, stock splits, mega-IPOs and 2025 S&P 500 buybacks drove the rally.
- The Shiller P/E Ratio closed June at 41.72, about 140 % above its 155-year average, while the CAPE hit 42.84, the highest since the 1999 peak of 44.19.
- Crestmont Research found every rolling 20-year period from 1900-2025 yielded positive returns for S&P 500 investors.
