Investor sentiment jumped to a 16-year high in the first quarter, according to the latest Wells Fargo/Gallup Investor and Retirement Optimism Index.
The index, released Thursday, rose 30 points to hit 126 in the first quarter, according to a telephone survey of 1,007 U.S. investors from Feb. 10 to 19. That was just days after the Dow Jones industrial average topped the psychologically key 20,000 level.
The last time the optimism index was higher was during the tech bubble in November 2000, when the index was at 130. The similarly high readings are likely to raise concerns that investors are overly optimistic about the stock market's recent rally. In late 2000, the dotcom boom was in its last throes.