Margin debt just shot back to an all-time high in the stock market. Is it a sign of an overheating market? Not quite yet, says JPMorgan Chase & Co.’s prime broker.
Brokerages extended more than $910 billion in credit to clients at the end of August, up 8% from the previous month, resuming a yearlong climb, according to data compiled by FINRA last week. The amount, approaching the market value of Facebook Inc., is the most since the dataset began in 1959.