Every day, the American bull market looks more and more like thedot-com bubble of the late 1990s. Except when it comes tovaluations.

The Standard & Poor's 500 Index jumped above 2000 today, andthe Nasdaq Composite Index is within 10 percent of a record reachedin March 2000, a time when Pets.com Inc. was worth more than $150million. Investors have seen annualized returns of 24.5 percentsince March 2009, compared with 27.1 percent over an equal numberof days ending March 24, 2000, the peak of the Internet rally,according to data compiled by Bloomberg.

Stocks are catching up to the pace of more than a decade agoamid record profits, near-zero interest rates, and economic growththat's expected to accelerate. While the dot-com bubble peaked withthe S&P 500 trading at close to 30 times annual earnings of itscompanies, the valuation is about 19 times now, data from S&PDow Jones Indices show.