Dow Flirts With Record, but Signs of a Pullback Loom
Nonetheless, central bank policy can continue to support equity markets this year. David Kelly, global strategist at JPMorgan Funds, told CNBC the Fed's $85 billion monthly bond buying is "fixing" markets so that investors cannot make money in cash or long-term government bonds.
"That's what's pushing money toward stocks," he said. "It's not that stocks are so cheap. It's that Treasurys and cash are so expensive."
(Read More: Buffett Still Buying Stocks, Sees 'Good Value')
Sam Stovall, S&P Capital IQ's chief equity strategist, also said stocks may struggle after hitting a new high. "The S&P 500 may have little time to rejoice following the setting of a new record high before collapsing once again, as the median advance following the recovery to break even from bear markets since World War II has only been three percent before stumbling and falling into another meaningful decline within only two months," he wrote in a note.
—By CNBC's Justin Menza