It seems that we don't need to switch onto the Commonwealth Games to watch Australian titans smashing records. It's barely 11:30am on Wednesday and already two records have been cracked closer to home.
Shares in Commonwealth Bank of Australia (ASX: CBA) surged past their previous high to peak at a personal best $83.14. It is the first time in history the bank's stock has traded above $83 with the previous high being set at $82.68.
Perhaps even more impressively, the bank's rally also helped the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) set a fresh record. Australia's benchmark index climbed 35 points or 0.6% to a new six-year high of 5,623.7. The last time it traded this high was in mid-2008, before the market headed into the Global Financial Crisis.
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While it is exciting to watch the market climb ever-higher, it also means that stocks are becoming more and more expensive. That is, it has become more difficult to find stocks that are trading at bargain prices.
