The tech-heavy Nasdaq Composite posted its first record close in more than two years on Thursday, as inflation numbers sparked a comfortable rise.
Heavy Technology Index COMP,
Which includes most of the stocks traded on the Nasdaq Stock Exchange and is one of the most followed indices in the world, ended trading with a gain of 144.18 points, or 0.9%, at 16,091.92, exceeding its close of 16,057.44 points on November 19. 2021.
That ended a streak of 569 trading days without a record close, the longest since a streak of 3,801 trading days that stretched from the bursting of the dot-com bubble in March 2000 through April 2015.
The Nasdaq index recorded an intraday high of 16,115.96, remaining far from the intraday record of 16,212.23 recorded on November 22, 2021.
The completion is a milestone for a bull market that has been widely questioned due to the index's reputation for offering potentially damaging head fakes.
The Nasdaq saw three rallies of 40% or more over the course of the bear market that followed the dot-com crash, with no sign of the start of a lasting uptrend, analysts at Baird Private Wealth Management previously noted.
The S&P 500 SPX also closed at a record high on Thursday, the 14th of 2024, putting it up more than 5% in February and more than 6% so far this year. The Dow Jones Industrial Average (DJIA) closed with slight gains, also extending monthly and year-to-date gains. The S&P 500 and Dow were off to their strongest start to a calendar year since 2019.
be seen: US stocks are off to their best start since 2019 – and the rally isn't limited to the 'Gig Seven'
