The total valuation of the United States equity market currently represents 350% of the M2 money supply. This specific ratio marks the highest reading observed since the peak of the Dot-Com Bubble in 2000.
Since the conclusion of the 2022 bear market, this metric has expanded by 170 percentage points. During this timeframe, the S&P 500 index recorded a gain of 118%, significantly outpacing the growth of the M2 money supply.