Nasdaq tops 6000 mark for first time ever

Cornelia Mascio
Aprile 25, 2017

The Nasdaq Composite index rose above 6,000 points for the first time ever as markets continue to bask in a risk-on mood after the victory of Emmanuel Macron in the first round of the French Presidential election. Helping power it higher were a slew of record highs for big-name tech companies including Google parent Alphabet (NASDAQ:GOOGL), Netflix (NYSE:NFLX) and social giant Facebook (NASDAQ:FB).

Such gains have in part come at the expense of the bank and industrials shares that powered the postelection rally.

Fund managers bumped up overweight positions in the tech sector to the second-highest level in Bank of America Merrill Lynch's data going back to 2008, the bank said in March.

The first quarter this year has featured good earnings news.

Profits are climbing for companies, and so are their stock prices.

HEALTHY: Biogen climbed $13.82, or 5 percent, to $290.68 after reporting stronger revenue and earnings than analysts expected.

Also helping the Nasdaq and stocks in general have been expectations in the US of big tax cuts under President Donald Trump, as well as glee over his business-friendly administration.

It took until 2015 for the Nasdaq to reach 5,000 again.

Companies in the S&P 500 are on track to report overall growth of 10.4 percent in first-quarter earnings per share, according to S&P Global Market Intelligence. The Nasdaq Composite is up almost 12% year to date.

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