Party like it's 1999: Nasdaq breaks through 5,000 psychological barrier for first time since dotcom bubble in 2000

 
Catherine Neilan
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Nasdaq: Broke the psychological barrier today (Source: Getty)

Time to party like it's 1999. The Nasdaq has closed at 5,008 points - the highest level since the dotcom bubble.

The index has been on a 10-day winning streak – the longest since 2009.

This is the first time the tech-heavy index, which now includes the likes of Apple, Facebook, Microsoft, Cisco, Intel and Yahoo, has gone above that level in 15 years, almost to the day.

It reached a high of 5,048.62 on March 10, 2000 and almost immediately began to wobble, dropping below 5,000 on March 27 and then falling 20 per cent in a month.

Within just over two years it had fallen 80 per cent, and it took years to regain ground to even the half point, before being slapped back down when the financial crisis started taking hold in 2008.

Although it was the Nasdaq that took the brunt of the dot-com burst, having enjoyed the fruits of the 1990s “new normal” mantra, most of the huge tech stocks that dominate now didn't even exist. As this article points out, Mark Zuckerberg was still in high school when the Nasdaq was last above 5,000.

To celebrate, here's a montage of people in films pointing out that it's the '90s.

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