Nasdaq ends above 6000 for first time as USA stocks rally again

Nasdaq ends above 6000 for first time as USA stocks rally again
Nasdaq ends above 6000 for first time as USA stocks rally again
Author

26 April, 2017

As a refresher, the Nasdaq composite is an index of all the stocks that now trade on the NASDAQ.

The top five USA companies by market capitalization, Apple AAPL.O , Alphabet GOOGL.O , Microsoft MSFT.O , Amazon AMZN.O and Facebook FB.O , are Nasdaq components.

Nine of the 11 major S&P 500 sectors were higher, with materials and financials in the lead. The Nasdaq Composite is up around 12% year to date.

"If the economy is going to heat up, you want to be in an area that can keep up", said Robert Pavlik, chief market strategist and senior portfolio manager at Boston Private Wealth.

Lockheed Martin was down 2.2% after the USA contractor trimmed its outlook it after it missed revenue forecasts, while, Eli Lilly & Co fell 2.76% after the drugmaker swung to a first-quarter loss. The firm had reported earnings of 52 cents a share in the year-earlier period. Quarterly figures from Alphabet, Amazon and Microsoft are due tomorrow.

The Dow Jones industrial average was up 155.57 points, or 0.75 per cent, at 20,919.46, the S&P 500 was up 7.87 points, or 0.331487 per cent, at 2,382.02 and the Nasdaq composite was up 20.35 points, or 0.34 per cent, at 6,004.17. However, the bubble burst and the Nasdaq did not return to the 5,000 mark again until March 2015.

More news: Trump says 'no deal' was made for charity worker

Today's Nasdaq looks different than it did then.

The index had a previous high 5916.77737 on 04/20/2017.

A rally in biotechnology shares has given the Nasdaq a boost in 2017.

NSE index ended above the 9,300 level for the first time on Tuesday, helped by a string of strong quarterly results including from Reliance Industries Ltd and positive global cues.

"Tech is always going to be the group that pulls in investors chasing growth", said Boston Private Wealth's Mr. Pavlik.


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