At the end of the historic trading day on Wednesday, the premium of SPY, one of the world's largest exchange-traded funds, reached its highest level since 2008. Another sign of Wall Street trading frenzy is that compiled data showed that the closing price of the 576 billion US dollar SPDR S&P 500 ETF trust was about 90 basis points higher than its net asset value, surging 10.5% on the same day, the biggest one-day increase in 16 years. By contrast, the average deviation between SPY and its net asset value over the past ten years is only a fraction of a basis point.

At the end of the historic trading day on Wednesday, the premium of SPY, one of the world's largest exchange-traded funds, reached its highest level since 2008. Another sign of Wall Street trading frenzy is that compiled data showed that the closing price of the 576 billion US dollar SPDR S&P 500 ETF trust was about 90 basis points higher than its net asset value, surging 10.5% on the same day, the biggest one-day increase in 16 years. By contrast, the average deviation between SPY and its net asset value over the past ten years is only a fraction of a basis point.