Nasdaq Hits Record High

Nasdaq Composite Index Hits Record High

The Nasdaq Composite Index reached a milestone on Thursday by posting its first record finish in over two years. The relief rally was sparked by inflation figures, pushing the tech-heavy index to new heights.

Breaking the Streak

With a gain of 144.18 points or 0.9%, the COMP closed at 16,091.92, surpassing its previous close of 16,057.44 from November 19, 2021. This record-breaking finish put an end to a streak of 569 trading days without a record close, marking the longest period since the aftermath of the dot-com bubble.

Bull Market Milestone

Despite doubts surrounding the bull market, the Nasdaq's performance signifies a significant milestone. Previous head fakes had obscured the index's potential, with three rallies of 40% or more during the bear market post-dot-com bust failing to initiate a lasting bull run as noted by analysts at Baird Private Wealth Management.

Market Overview

Alongside the Nasdaq, the S&P 500 also achieved a record close on Thursday, marking its 14th of 2024. With strong performances in February and year-to-date, both the S&P 500 and Dow Jones Industrial Average demonstrated robust gains, setting the stage for a promising start to the calendar year.

Conclusion

The recent rally in U.S. stocks, led by the Nasdaq Composite Index, reflects a positive start to the year reminiscent of 2019. The market's momentum signals optimism for investors navigating the ever-changing financial landscape.