Nasdaq Composite hits 6,000 for the first time
The total market capitalisation of the Nasdaq Composite stands at $9.6-trillion
The Nasdaq Composite index crossed the 6,000 threshold for the first time on Tuesday, aided by gains in a handful of large-cap tech names, more than 17 years after it last marked a 1,000 point milestone. The Nasdaq first breached the 5,000 mark on March 7, 2000 and closed above that level two days later during the height of the tech boom. It had taken the index only slightly more than three months to climb from 4,000 to the 5,000 mark. “It’s different this time. It really is. This isn’t driven by companies that don’t have products,” said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh, referring to the tech bubble that burst in 2000. Of the current index, Forrest said, “You can’t just have a knee-jerk reaction and say tech is doing well and assume it’s tied solely to corporate spending cycles. Tech tends to be a late-cycle phenomenon, though the kind of tech that populates the Nasdaq these days is consumer-focused.” The top five US companies by m...
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