The Nasdaq regained its tech-bubble high Thursday on the wings of a Fed-induced rally, but the market is likely to remain volatile even if other indexes also reach new heights.
"This a 15-year-old high. When you test levels like that rarely have I seen one sustainably and appreciably broken," said John Kosar, chief strategist at Asbury Research. "Markets have a memory, and when you get to old levels, people like to buy off of old lows. People like to sell off old highs."
The Nasdaq, rallying with the broader market, gained more than 1.2 percent, and pushed to a new high several points above 5132.52, the intraday high it reached in the peak of the tech bubble in March 2000.