Investors are celebrating the second strongest five-year bull run since World War II, but remain skeptical about the future.
The is up 177 percent since the market low on March 9, 2009, putting the current five-year bull market as the strongest since the bull run of 1982-87, when the index rose 229 percent.
Similarly to the S&P, the Dow is up 150 percent while the is up the most, with a gain of 240 percent.
The current bull run ranks as the fourth strongest on record, and sixth in terms of the longest bull markets.
So where do stocks go from here? "I think the market is in a zone of fair valuation and there's no real reason for it to rage," said Leon Cooperman, Omega Advisors chairman and CEO. He expects the S&P to trade at around 1,870 by the end of the year, and close to the mid-1,900s by the end of 2015.
When the S&P 500 hit a 12-year low on March 9, 2009, it was off by 56.8 percent from its previous high in October 2007.
"We have to thank Mr. Bernanke for slowly growing the economy to get where we've gotten," Cooperman said on CNBC's "Halftime Report." "It's very predictable in a sense that every economic recession sows the seeds for the next business recovery, and every business recovery sows the seeds for the next recession."
Since the market low in 2009, 8 out of 10 S&P sectors are up more than 100 percent, led by consumer discretionary, financial and industrial names, while about one-third of the Dow stocks are up more than 300 percent.
The strongest and longest bull run ever took place from 1987 to 2000, when the S&P rose 582 percent.
—By CNBC's Giovanny Moreano. Follow him on Twitter: @giovannymoreano