THE Nasdaq Composite, the US market index most closely associated with technology stocks, closed at an all-time high yesterday, surpassing a 2000 record set just before the dotcom crash.
Its record close of 5,056.06 capped a slow, unsteady climb from a 2002 low of 1,114.11 that spanned a recession, the rise of biotech and social media, and the explosive growth of mobile phones that has helped make Apple the most valuable company in the United States.
The Nasdaq jumped as high as 5,073.091 yesterday, led by shares of Apple, which has been among the biggest positive influences on the index in recent years. The index’s last record close of 5,048.62 was hit on 10 March, 2000.
The S&P 500 set an intraday high but closed shy of a new record.
Rapid growth in biotechnology companies such as Gilead and social media firms like Facebook, driven by the popularity of mobile computing, also helped lift the Nasdaq to its current levels. Strategists say there is still room for the Nasdaq to rise.
Yesterday, shares of Gilead were up 1 per cent at $105.21, while Facebook, which late on Wednesday posted quarterly revenue that missed analysts estimates, was down 2.6 per cent at $82.41.
Shares of Apple were up 0.8 per cent at $129.67, while Google was up 1.5 per cent at $557.46.
The Dow Jones industrial average rose 20.42 points, or 0.11 per cent, to 18,058.69, the S&P 500 gained 4.97 points, or 0.24 per cent, to 2,112.93 and the Nasdaq Composite added 20.89 points, or 0.41 per cent, to 5,056.06.