The S&P 500 has gained 12.65% in 2026 and closed at 7,711.75. A Wall Street Journal column argues the current market resembles 1901 more than 1999, with that earlier boom ending in the Panic of 1907. Same-day options made up 66.2% of all S&P 500 options volume in July, an all-time high, while margin debt rose to $1.42 trillion from $1.02 trillion a year earlier. In 1907, call money rates surged to 100% and the Dow lost 40.9% from its December 1906 peak to its November 1907 bottom. Bitcoin trades near $78,618 as markets climb.
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