Shares of technology companies surged as speculative gains in artificial-intelligence companies resumed.
The PHLX SOX Semiconductor index rose by more than 5% as a slide in oil prices alleviated rate fears.
One veteran strategist, who managed stocks during the Dotcom bubble, said parallels between the two eras had been overstated. "In those days, anything could slap Dotcom at the end of the name -- petrock.com or something, there were no business models no business prospects," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.
"These are some of the largest companies in the world, some of the largest earnings in the world, and some of the largest increase in earnings. When you put that together, this is the real deal. I don't believe it's some pie-in-the-sky [deal]."
Joyce said initial-public offerings launching at stratospheric valuations could be a concern, along with other pockets of the market, but that the tech sector as a whole seemed fairly valued.
