It happened because the markets are not tied to ANY real fundamentals. They are entirely driven by speculation and anyone who tells you otherwise is either ignorant or an idiot.
P/E ratios, quarterly reports, real economic data = all meaningless these days.
The prices move based purely on speculation and the markets are now more about gambling than investing. It is one of the key reasons our financial markets have become so volatile and long term investing has become a crap shoot even for some of the massive players representing hedge funds, pensions and everything else.
