Nasdaq Composite trades over 10,000 for the first time ever, but the rally may be going ‘too far’

There is no stopping this market.

Despite terrible economic data (including massive, yet improving, unemployment numbers) and some of the headiest valuations the market has seen, the tech-heavy Nasdaq Composite reached a new record on Tuesday by passing the vaunted 10,000-point mark briefly in intraday trading for the first time, before closing up 0.3% at 9,953.75. That means the index, dominated by tech names like Amazon and Facebook, now has recovered all its losses from the coronavirus recession, and has bounced back more than 45% off its March lows. The index is now up 9% for the year. On Monday,