NEW YORK (CNNMoney) -- Despite this week's drubbing, the bull market still has room to grow, some analysts think.
Stocks have almost doubled from their March 2009 lows, prompting some experts to speculate about whether we're in for a crash landing.
But analysts say it's not time to panic just yet. The money that flowed out of the markets over the past three years is just starting to make its way back in.
"Looking at the bigger picture, there is a lot of room for this rally to continue, and any pullbacks will be small and contained," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research.
The S&P 500 is still about 20% off its October 2007 all-time high of 1,565.
It's not all champagne and roses. Some say this bull run is largely due to the Federal Reserve's easy monetary policy, and once the central bank decides to unwind its support, the market will unravel.
But that's probably a ways off.
"As long as the Fed keeps printing money, stocks will go higher on that momentum," said Joseph Saluzzi, co-head of equity trading at Themis Trading. "But there is going to be a point when the momentum will break. We don't know when it will happen, but it will be ugly."
On Thursday, stocks rebounded from afternoon lows and finished with small losses as oil prices retreated from two-year highs above $100 a barrel. The Dow Jones industrial average (INDU) finished 37 points lower, or 0.3%, and the S&P 500 (SPX) slipped 1 point, or 0.1%.
The recent spike in crude prices above $100 a barrel has investors "on the defensive," said Scott Marcoullier, chief technical market strategist at Wells Fargo Advisors. The market's weakness follows two days of steep losses.
Oil for April delivery hovered just below $100 a barrel, falling 82 cents, or 0.8%, to settle at $97.28 on Thursday, after earlier hitting $103.41 a barrel.
Meanwhile, the Nasdaq (COMP) managed to gain 15 points, or 0.6%, thanks in part to a 9% jump in shares of Priceline.com (PCLN). The online travel-booking service reported a 73% jump in fourth quarter profit after the market close on Wednesday.
The Census Department's report on durable goods orders matched expectations. The government reported that orders rose 2.7% in January, up from a revised 2.5% in December.
The Commerce Department reported that new home sales declined more-than-expected in January to an annual rate of 284,000.
Companies:Shares of Sears Holdings (SHLD, Fortune 500) dropped 6% after the company reported a 13% drop in profit and as sales declined at its namesake retail stores. The stock was among the biggest decliners on the S&P 500 and the Nasdaq. Sears also named Lou D'Ambrosio as CEO and president, succeeding Bruce Johnson, who had been interim CEO for three years.
World markets: European stocks closed lower. Britain's FTSE 100 and France's CAC 40 both slipped about 0.1%, and the DAX in Germany tumbled 0.9%.
Asian markets ended the session mixed. The Shanghai Composite rose 0.6%, while the Hang Seng in Hong Kong dipped 1.3% and Japan's Nikkei fell 1.2%.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.84%||3.85%|
|15 yr fixed||2.87%||2.92%|
|30 yr refi||3.89%||3.96%|
|15 yr refi||2.96%||3.02%|
Today's featured rates:
These two fantasy football players won more than $100,000 on FanDuel and DraftKings earlier this NFL season. Now they sound off on the cheating scandal rocking the industry. More
A new analysis from the Bipartisan Policy Center estimates the U.S. Treasury will not be able to pay all the country's bills in full and on time sometime between Nov. 10 and Nov. 19. More
Saudi billionaire Prince Alwaleed Bin Talal has increased his stake in Twitter, days after the social network named Jack Dorsey as its permanent CEO. More
Smarties, a Halloween candy staple, have been around for 66 years. Three Millennial women are revolutionizing it. More
One of the largest pension funds in the country says it needs to cut benefits for 273,000 current and future retirees as soon as July. Otherwise, it won't be able to pay any benefits after 2025. More