Both indexes reached new all-time highs on Friday, with the S&P topping the 4,700 mark in the morning and the Nasdaq exceeding 16,000 at one point.
Shares of smaller companies, which tend to have more exposure to the American economy and less of an international presence than blue chips in the Dow, S&P 500 and Nasdaq, did even better.
The CNN Business Fear & Greed Index, which measures seven gauges of investor sentiment, pushed even further into “Extreme Greed territory.
But another market expert argued that investors shouldn’t worry about the Fed raising rates too quickly.
“Powell did a masterful job of relieving investor worries that the Fed would act too aggressively following the taper.
Pfizer’s good news about its experimental Covid pill, which the Big Pharma company said helped reduce the risk of hospitalization and death from coronavirus, also helped lift market sentiment.
“Vaccines are a key part of the solution but there has been some vaccine hesitancy,” Solem added.