The bull market remained intact on Wednesday with tech stocks soaring on the back of solid quarterly results from a number of tech firms.
The Dow rose 83 points and is now about 4 percent from an all-time high. The S&P 500 jumped 35 points to its fourth straight record. The Nasdaq surged 198 points to set its 39th closing high so far this year.
Some investors, however, are getting nervous by the stock market's steady string of a gains. Most respondents in a Reuters poll released Wednesday said they expect to see a market pullback before the end of the year.
Michael Gayad, portfolio manager with the ATAC Rotation Fund, thinks the stock market can at least hold were it is but wants to see the gains spread beyond just tech.
"Equity markets have been going vertical - at least that portion of it - Nasdaq in particular but I caution individual investors from thinking that that means that we are in a very healthy world. Pun intended, because if you don't have broad participation in those other stocks, those other companies that are probably more reflective of the facts on the ground for the U.S. economy - we're not really as strong in an uptrend as people think."
But for now, technology stocks rule the day. Shares of cloud computing company Salesforce had their best day ever. The stock saw an eye-popping one day surge of 26 percent. Investors were absolutely gleeful after blockbuster quarterly results. A report in the Wall Street Journal that Salesforce is planning layoffs didn't slow the rally. The stock closed at a lifetime high.
And Netflix had its best day in more than three years as investors bet the streaming video service will hold its own despite a flood of new competitors.