Man how times have changed

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Jack Ablin, a chief investment officer at Cresset Wealth Advisors, characterized this pullback as merely technical, noting, "Market valuations are expensive and need to correct. At the same time, credit conditions remain robust as the availability of money to borrow, spend and invest is strong."

"While it's impossible to predict where the markets will meander on a day-to-day basis, we are confident that any pullback that plays out over the next few weeks represents a better opportunity to buy for the long run rather than a reason to sell," Ablin said.

. The major U.S. indexes tried for gains earlier in Thursday's session after the release of strong earnings data. Twitter and Grubhub reported better-than-expected quarterly results. Twitter shares soared 15 percent, while Grubhub spiked 28.7 percent. This corporate earnings season has been strong. Of the S&P 500 companies that had reported as of Thursday morning, 78 percent had announced better-than-expected earnings, according to Thomson Reuters I/B/E/S. Jeff Zipper, the managing director of investments at U.S. Bank Wealth Management, said he expects corporate earnings to be strong for the rest of the year, noting they'll get "some benefit from tax reform."

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