Stock Market Fever in China, Like US in 90s

"China's stock markets are almost going mad, actually, with the leading Shanghai market at nearly 3,000, as ordinary Chinese flock to buy equities in breathless, record numbers. The bull market is so dramatic — the Shanghai index hit a record high this week before falling back slightly — that one senior Chinese official has warned against "blind optimism."

The leading Shanghai market is still less than two years removed from lows that dipped below 1,000 (see graph above). It finished Friday at 2,882.56 points, up 0.88 percent from its close Thursday. It hit a record of 2,933.19 at the start of the week."

Read more here in the International Herald Tribune.