Barry Ritholtz, Columnist

Judging the Staying Power of Record Markets

The Nasdaq crossed 6,000 this week for the first time. History offers some lessons on its future direction.

April 27, 2017 at 1:38 PM UTC

Barry Ritholtz is a former Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”

How far to the top?
Photographer: TSHERING SHERPA/AFP/Getty Images

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The Nasdaq Composite Index, which contains some of the biggest names in tech, hit a milestone this week, crossing 6,000 for the first time.1493294918053 Year-to-date, the Nasdaq has gained almost 12 percent, while the Standard & Poor’s 500 is up 6.6 percent. What this means to future market performance is the subject of ongoing debate: The bulls say new highs presage more gains; the bears see an expensive market beset by risks as the Federal Reserve prepares additional interest-rate increases.

As is so often the case, the truth is both more nuanced and somewhere in the middle.