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Nasdaq sets shutting record

(Reuters) – The Nasdaq Composite, a U.S. marketplace index many closely compared with record stocks, sealed during an all-time high on Thursday, leading a 2000 record set only before a dotcom crash.

Its record tighten of 5,056.06 capped a slow, fluid stand from a 2002 low of 1,114.11 that spanned a recession, a arise of biotech and amicable media, and a bomb expansion of mobile phones that has helped make Apple a many profitable association in a United States.

The Nasdaq jumped as high as 5,073.091 on Thursday, led by shares of Apple, that has been among a biggest certain influences on a index in new years. The index’s final record tighten of 5,048.62 was strike on Mar 10, 2000.

The SP 500 set an intraday high yet sealed bashful of a new record.

Rapid expansion in biotechnology companies such as Gilead and amicable media firms like Facebook, driven by a recognition of mobile computing, also helped lift a Nasdaq to a stream levels.

Strategists contend there is still room for a Nasdaq to rise.

“Now that it’s creation a new high, we don’t consider it’s only going to stop. It has a intensity to go up, absent some outmost eventuality that we can’t predict. we consider a companies demeanour as yet they ought to energy by this environment,” pronounced Walter Price, comparison portfolio manager and handling executive of a AllianzGI Global Technology account in San Francisco.

In 2000, “a lot of a high-growth companies were offered during 200 or 300 times subsequent year’s earnings. This is zero like that. This is a whole opposite universe contra 2000.”

On Thursday, shares of Gilead were adult 1 percent during $105.21, while Facebook, that late Wednesday posted quarterly income that missed analysts estimates, was down 2.6 percent during $82.41.

Shares of Apple were adult 0.8 percent during $129.67, while Google was adult 1.5 percent during $557.46. They are a dual tip components by marketplace tip in a Nasdaq. Microsoft, that was a tip member in Mar 2000, is now third, followed by Facebook.

The Dow Jones industrial normal rose 20.42 points, or 0.11 percent, to 18,058.69, a SP 500 gained 4.97 points, or 0.24 percent, to 2,112.93 and a Nasdaq Composite combined 20.89 points, or 0.41 percent, to 5,056.06.

The Nasdaq mislaid 78.4 percent of a value from a 2000 arise to a 2002 low 31 months later. From a Mar 2009 tray to today’s record, a index gained 300 percent.

Stephen Massocca, arch investment officer during Wedbush Equity Management LLC in San Francisco, cautioned that amicable media bonds within a zone will expected decrease eventually. “I don’t know when it’s going to finish yet we know how it’s going to finish badly,” Massocca said.

Massocca referred to a thespian arise of a Global X Social Media index ETF, that was down 0.4 percent on Thursday yet is adult about 15 percent for a year so far.

The Nasdaq Composite’s marketplace capitalization is $8.2 trillion, compared with a $19.5 trillion marketplace tip for a SP 500, according to Thomson Reuters data.

Though a Nasdaq is heavily compared with technology, a SP 500 record zone is indeed down about 21 percent given Mar 10, 2000, according to SP-Dow Jones Indices researcher Howard Silverblatt.

On Thursday, 8 of a 10 vital SP sectors were higher.

Advancing issues outnumbered disappearing ones on a NYSE by 2,039 to 956, for a 2.13-to-1 ratio on a upside; on a Nasdaq, 1,659 issues rose and 1,061 fell, for a 1.56-to-1 ratio bearing advancers.

(Additional stating by Tanya Agrawal, David Randall, Sinead Carew and Rodrigo Campos; Editing by Savio D’Souza and Nick Zieminski)

Article source: http://www.reuters.com/article/2015/04/23/us-markets-stocks-usa-idUSKBN0NE18520150423

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