Nasdaq hits a record high as US stocks rally - New York Report

THE NASDAQ Composite erased its last standing milestone from the dot-com era as it set a record intraday high yesterday, with stocks on Wall Street in rally mode boosted by strong economic data.

A report in German newspaper Die Zeit about possible concessions made to Greece by its international creditors, which briefly extended the market’s rally, was later denied by EU diplomats.

The Nasdaq Composite hit a high of 5,143.316, topping the previous 5,132.52 record which stood since 10 March, 2000. It also set a record closing high, as did the Russell 2000, while the S&P 500 closed within 0.5 per cent of its record.

US consumer prices posted last month their largest increase in more than two years, jobless claims applications fell last week to a near 15-year low and factory activity in the mid-Atlantic region accelerated to a six-month high in June.

“Economic growth is beginning to make itself more evident,” said John Manley, chief equity strategist at Wells Fargo Funds Management in New York.

The Dow Jones industrial average rose 180.1 points, or one per cent, to 18,115.84, the S&P 500 gained 20.8 points, or 0.99 per cent, to 2,121.24 and the Nasdaq Composite added 68.07 points, or 1.34 per cent, to 5,132.95.

Eurozone leaders will hold an emergency summit on Monday to try to avert a Greek default, after bank withdrawals accelerated and government revenue slumped as Athens and its international creditors remained deadlocked over a debt deal.