(CNBC) -- The S&P 500 and Nasdaq Composite rose to fresh record highs on Wednesday, building on their massive rallies off the March lows, as tech shares led the way higher.
The broader market index advanced 1% while the Nasdaq popped 1.7%. The Dow Jones Industrial Average gained 84 points, or 0.3%.
“When you’re coming off a major low, the first phase of the bull market is really strong, and you tend to get very extended,” said Keith Lerner, chief market strategist at Truist/SunTrust Advisory. Lerner noted, however, that this “tends to be a period where historically you would start to consolidate some of the gains.”
Advertisement - story continues below