Nasdaq hits 3,000 at last

THE NASDAQ Composite index skimmed the 3,000 mark yesterday for the first time in over a decade, propelled by Apple’s surge, before sinking back below the line.

In a hopeful hint that investor faith could be returning to a pre-dotcom level – the Nasdaq was last above 3,000 as the shutters closed on the internet bubble in 2000 – the index touched 3000.11 in yesterday’s trading.

But the triumph was short-lived, as Federal Reserve chairman Ben Bernanke gave no indication of considering further measures to spur the economy.

This sent a chill through the markets. The Nasdaq closed at 2966.89 – down almost 20 points on the previous day’s close.

The Nasdaq historically attracts technology stocks, adding Zynga and Groupon to its list last year in a string of high-profile tech IPOs.

Apple floated on the Nasdaq in 1980 and has since become the world’s most valuable company, with a market cap of $504.4bn (£316.3bn).

Apple, which has grown its stock by a third since the start of the year, accounts for 11 per cent of the Nasdaq Composite.

And all eyes will be on Facebook’s imminent float, to see whether it plumps for the Nasdaq or NYSE.