The stock market has been hot this year that it might require an Fruitopia, or a Zima.

The rally that has attracted the S&P 500 to the brink of another album, so quickly on the heels of the terrifying fall of the year, is reminding a few market pros of the rebound of 1998. Then, like today, decisions by the Federal Reserve on interest rates helped send shares. Then, like now, the way was being led by high-flying tech stocks. And, in both cases, investors wondered just how the market could prevent a recession .

Few, if any, analysts on Wall Street are calling that a repeat of 2000 and 1999, when the recovery of the market ended up becoming too much of a great thing. The S&P 500 surged nearly 60 percent and inflated into the dot-com bubble, just to burst in the dot-com bust. The collapse dashed the dreams of day traders and helped usher.

But the similarities between 20 and 1998-1999 decades later are plentiful enough that many traders are currently pushing the concept that stocks may keep rising even with recession fears still hanging on the marketplace.

Steve Chiavarone, equity strategist at Federated Investors, states the S&P 500 will finish in 3,100. That would be a 6.6% rise in Tuesday’s close and a nearly 32% leap in Christmas Eve, when recession fears were at their height.

“It’s unfathomable to a person at this point, since it was in 1998, you could have meaningful upside in the market given where we are,” Chiavarone explained. “I believe you’ve got to be respectful that tops are impossible to telephone and that things might get ahead of themselves.”

But in developing markets all over the world, emphasized by the Asian monetary crisis and Russia’s default on its debt, turmoil, helped send the S&P 500 down nearly 20%.

The Fed calmed worries the turbulence overseas would dash the U.S. market by slashing interest rates three times in 3 weeks in late 1998. The S&P 500 recovered within a couple of months.

The action is reminiscent of the economy’s movements over the previous seven months. However, the Fed again aided put a floor by stating it might not raise rates at all in 2019 after seven gains the last couple of decades.

The S&P 500 has taken up 23.6% since hitting a bottom on Christmas Eve, echoing the 24.1% climb for the index in exactly the identical number of trading days when it hit a bottom in August 1998.

High-growth stocks are also leading the way, after again. Today, companies such as Netflix, Microsoft and Facebook are alluring since they’re producing growth when global growth is slowing down and interest rates make conservative investments much more unattractive.

Tech stocks at the S&P 500 have soared 33.9percent because the Christmas Eve bottom, most among the 11 industries that make up the index.

The marketplace has prodded a parade of technology businesses to sell their inventory. Lyft had its first public offering last month, and Uber along with other names must follow soon.

These organizations are normally more seasoned two years past. However, cash is lost by most, and also the last time a large proportion of businesses going public were unprofitable was in 2000, when the bubble was at its height.

Through what’s called the yield curve, while the bond market has sent signs of caution all this is occurring. Lately, some essential short-term Treasury returns were higher than. Some areas of the return curve were also inverted.

“I’d never argue that this is like the euphoria you found in the late 90s — we are nothing close to that — but you are still positioned just as precariously in chasing these massive expansion stocks”

Aside from the less-exuberant nature of the rally — traders remain reluctant to put money into U.S. stock funds this year — another significant distinction is that stocks are not as expensive as they were in 1999, relative to their own profits.

In early 1999, the S&P 500 was trading at more than 40 times its earnings over the previous 10 decades, corrected for inflation. It’s trading. That’s still higher than its historical average of 20 occasions over the past half century, however much less eye-wateringly expensive.

The growth that began in 1991 ended up continuing into 2001, along with Back in 1998, the economy managed to avoid recession and became the longest on record. This growth, which began during the summer of 2009, would eclipse that one.

She says a recession could arrive a relatively mild one, in 2020. For now, though, she says the stock market could keep increasing as investors see gains to be produced.

To see why, think about the discussions she works together if she first began calling for a 2020 recession.

“My query was: It’s August of 2018, even if I could tell you with 100 percent certainty there was definitely going to be a recession in 2020, what could you do” She explained. Their reply:”Nothing, we’d trade until the market received a whiff of this .”