Nasdaq Composite index breaks 6,000 for the first time as global Macron momentum continues

 
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Nasdaq is known for its big technology companies (Source: Getty)

The Nasdaq Composite index rose above 6,000 points for the first time ever as markets continue to bask in a risk-on mood after the victory of Emmanuel Macron in the first round of the French Presidential election.

The US index, known for its large tech companies such as Apple and Alphabet opened at 6,004.16 and reached highs of 6,022.58 at the time of writing. It closed just below the symbolic mark on Monday before gaining more than 0.5 per cent in early trading.

Meanwhile the totemic Dow Jones Industrial Average broke briefly back above the 21,000 mark as it gained more than one per cent on a second consecutive day of strong gains.

Read more: Macron rally sees markets gain $290bn

The S&P 500, the most closely watched measure of US corporate fortunes by professional investors, rose by more than 0.6 per cent to just 10 points short of its all-time record high at 2,400.98 points.

American stock markets have joined in a global equities rally as investors welcomed the French election result. Centrist Macron won the largest vote share in the first round of elections to set up a run-off against far-right candidate Marine Le Pen.

Read more: A guide to the Trump trade

Macron is unlikely to affect the fortunes of the massive multinational tech companies for which the Nasdaq is renowned, but the high probability of his victory against Le Pen has reassured markets that the euro currency will not come under threat.

Meanwhile US President Donald Trump is set to unveil tax cuts on Wednesday which are expected to benefit some of America's largest companies.

US media reported Trump will push for a 15 per cent corporate tax rate, which would represent a massive shift in tax policy from the current headline rate of 35 per cent.

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