The document discusses concerns about whether the stock market is experiencing a bubble as the S&P 500 index is high relative to average earnings over the past 10 years when adjusted for inflation. It also notes that some favorite internet stocks have recently tumbled in value based on returns that include dividends. Finally, it looks at what may be driving the overall stock market performance as of mid-May 2014.

1. Stock Market in a Bubble?
Note: S&P 500 index, divided by average earnings over previous 10 years, inflation adjusted
Source: Robert Shiller, Yale University

2. Favorite Internet Stocks Tumbling
Note: Returns include dividends
Source: Bloomberg

3. What’s Driving the Market
Note: As of 05/12/14
Source: Bloomberg