The U.S. stock market rose to the edge of its all-time high. The S&P 500 added 0.2% Friday and finished just shy of its record closing level, which was set in October.

The S&P 500 edged down by 0.1% in early trading but remains within 1% of its all-time high set in late October. The Dow Jones Industrial Average was up 32 points, or 0.1%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.4% lower.

If things seem too good to be true on Wall Street, history shows they probably are.

Friday’s market rebound was “not built on anything solid but something very ephemeral,” says strategist.

What has Wall Street been buzzing about this week? Here are the top 5 Buy calls and the top 5 Sell calls made by Wall Street’s best analysts

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In 2024, the median Wall Street forecast undershot where the S&P 500 actually finished the year by 18%. Firms are pacing to be much more accurate this year, but they're still 3% below the consensus target with a month to go. Morgan Stanley, JPMorgan, and Goldman Sachs — which all had the same target — are currently 5% behind.

It's not quite as bad as a bubble, but an "air pocket" in stocks can still hurt.