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While the Dow hitting 13,000 made big headlines earlier this week, the Nasdaq's ascent to 3,000 could be the more significant of the two psychological milestones.
That's because the Nasdaq Composite Index , which measures roughly 3,000 stocks primarily in technology and related fields, actually has been a market leader and could say more about where stocks are headed than the narrowly focused Dow and its 30 industrial companies.
The Nasdaq was within a few points of the 3,000 milestone on Thursday, while the Dow continued to hover around the 13,000 mark.
"The Dow went over 13,000 a bunch of times," says Dave Rovelli, who focuses on tech stocks as managing director of trading at Canaccord Genuity. "To see the Nasdaq going to 3,000 on real earnings — Microsoft , Cisco , everybody participating — is a lot bigger deal."
In fact, the 3,000 barrier resembles something of a historic high in Rovelli's eyes.
Sure, the Nasdaq surged to an all-time closing high of 5,408.60 on March 10, 2001. But that was back in the days of what former Federal Reserve Chairman Alan Greenspan called the "irrational exuberance" that pumped up the Internet bubble, which soon after exploded and sent the market into a lasting tailspin.
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