“If it hits 3,000, it would be one of those things where we might step back, assess the market some more,” said Jim Russell, chief equity strategist and U.S. Bank Wealth Management.
A rebound above 3,000 would be a first since Nov. 17, 2000, the ebb of the last major tech-stock boom. It would also represent a rapid rise from just four months ago.
From a 52-week low in October, the index has surged 27%. Just this year, it has gained more than 350 points, or 13.6%, to 2,960 Thursday.
“There’s a feeling of being a little scared because we’ve all seen a tech bubble once or twice before and we would be cautious and looking for some cracks out there,” Russell said.
