The U.S. recession formally ended in November 2001, the National Bureau of Economic Research announced last week, but what lies ahead is still a big question mark.

The organization stated that most data, including the gross domestic product of goods and services, showed that the economy started to recover towards the end of 2001 and has since risen to levels that it was at before the stated recession, the Financial Times reports. Investors are anticipating better times ahead, leading to higher stock prices and reducing bond yield risk spreads. In regards to valuations against earnings, many analysts see a bubble beginning to form.

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