Why one stock-market bull thinks it’s ‘pretty absurd’ to compare tech selloff to 2000’s dot-com bust
History isn’t repeating itself when it comes to the highflying technology stocks sector, despite a sudden round of jitters following the Nasdaq’s quick tumble into correction territory this month after a breakneck rally off the pandemic-induced March lows, according to one longtime Wall Street bull.
“After a 62% price run-up in technology stocks since the March lows, all it took was a three-day, 11.4% selloff to shake the confidence of investors and incite renewed fears of a severe and prolonged price decline comparable to the dot-com bubble,” said Brian Belski, chief investment strategist at BMO Capital Markets, in a Thursday note.
Read: The only path to a sharply higher stock market ‘is a bubble like the late 1920s and 1990s,’ says analyst who called rally off March lows
Belski said he found the “constant comparisons to the early 2000s pretty absurd given the significant