The stock market just did something it hasn't done since December 31, 1999

AP/MARK LENNIHAN

Fireworks erupt behind the ball drop to mark the New Year in Times Square.

The stock market just did something it hasn't done since December 31, 1999:

On Thursday, all three major indices closed at all-time highs:

• S&P 500: 2,185.79
• Nasdaq: 5,228.40
• Dow: 18,613.52

Bespoke Investment Group first pointed this out on Twitter.

Given the rarity of this occurrence, we decided to take a look at what happened the last time stocks hit such a major milestone.

Here we go:

• The Dow topped out two weeks later on January 14, 2000
• The S&P 500 topped out March 24, 2000
• And the Nasdaq topped out on March 10, 2000.

For those who remember, this was the top of the Dotcom bubble, which ended with a massive drawdown and economic recession. The Nasdaq lost 78% of its value before putting in its bottom, which was reached in October 2002.

Still, we must emphasize that the past does not predict the present. So, the fact that this happened in the early 2000's, does not mean that this will happen today. (Nor does it mean that it won't happen - either way, it's impossible to predict.)

Rather, it's merely interesting to take a look at what happened such a major milestone was reached.