While many are rejoicing over the Nasdaq's close above 5,000 for only the third time in its history, analyst Peter Boockvar isn't impressed.
"If you look at the S&P 500 and the Dow Jones, they've exceeded their inflation-adjusted 2000 high. The Nasdaq needs to rally another 36 percent just to get to its March 2000 inflation high," the Lindsey Group's chief market analyst told CNBC's "Squawk Box" on Tuesday. Boockvar added the Nasdaq's closing number on Monday's session is only nominal.
Before Monday, the Nasdaq Composite had last closed above the 5,000 mark on March 9 and 10, 2000.
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Boockvar said investors should be cautious when investing in Nasdaq companies, as stocks within the index remain expensive despite valuations not being what they were in 2000. He added that Nasdaq stocks have been driven mainly by low rates and quantitative easing rather than earnings growth.
Nevertheless, Boockvar said today's Nasdaq is dominated by healthier, more profitable companies than in 2000.