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Nasdaq Composite Tops 6000 for First Time

Nasdaq Composite Tops 6000 for First Time”

The Nasdaq hit the 6,000 mark for the first time on Tuesday on the back of recent better-than expected corporate earnings and the so called "Trump rally".

All of these stocks have hit all-time highs at some point in the last 6 months, and a lot of them have again reached new highs over the last few weeks. That bubble, fueled by the dot-com boom, burst spectacularly in early 2000 as many of its profitless but buzzed-about startups reversed their trajectories and crashed to earth. The tech sector in the S&P 500 has gained nearly 14% this year.

The Nasdaq Composite index crossed the 6,000 threshold on Tuesday, aided by gains in a handful of large-cap tech names, more than seventeen years after it last marked a 1,000 point milestone.

The Dow Jones Industrial Average jumped 1.1 per cent to end the day at 20,996.43, while the S&P 500 rose 0.6 per cent to 2,388.58.

Lockheed Martin was down 2.2% after the USA contractor trimmed its outlook it after it missed revenue forecasts, while, Eli Lilly & Co fell 2.76% after the drugmaker swung to a first-quarter loss.

The index has diversified into other sectors, particularly consumer companies.

Elsewhere, investors were looking ahead to a possible announcement by Trump on Wednesday to outline his plans for tax reform such as cutting corporation tax by 15%. Le Pen and Macron are set to face off in a May 7 runoff, with Macron holding a sizable lead in early polling.

The S&P 500 index showed 57 52-week highs and two lows, while the Nasdaq recorded 114 highs and nine lows.



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