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Market Snapshot: This is the chance of a stock-market hangover

Wall Street partied like it was 1999 on Thursday.

The Dow Jones Industrial Average DJIA, -0.20% S&P 500 index SPX, -0.08% and Nasdaq Composite Index notched record highs on the same day for the first time since Dec. 31 1999.

Friday’s action wasn’t as ebullient, but the Nasdaq Composite COMP, +0.09% still managed to carve out another all-time closing high of 5,232.89.

So, what’s next for this stock market?

Well, we all know how things ended up in 1999 as the dot-com boom was at its peak. Stocks rose. In fact, the tech-heavy Nasdaq, which was teeming with hyperinflated stocks like Pets.com, rallied for three months, gaining about 24% to a peak of 5,048 on March 10, 2000, before the dot-com craze soured, and badly.

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