Aw come on. There are always a few stocks that shoot out the lights. I bet even in bear markets you can find some stocks that double and triple. you have not established a parallel between 98 'and today - you have simply made an observation that is always true.
I'm talking about large companies--MANH is only ~$5 billion, but NFLX and ILMN are in the $30-40 billion market cap, so in the top 100-150 companies--and you don't see companies of that size double and triple in a bear market unless something really strange is going on, like it's no longer a bear market.
As for comparison between now an 1998-1999: