Nasdaq closes above 5,000 for first time since dotcom bubble
THE NASDAQ closed at 5,008 points last night– the highest level since the dotcom bubble.
The index has been on a 10-day winning streak – the longest since 2009.
Yesterday’s close was the first time the tech-heavy index, which now includes the likes of Apple, Facebook, Microsoft, Cisco, Intel and Yahoo, has gone above that level in 15 years, almost to the day.
It reached a high of 5,048.62 on 10 March, 2000 and almost immediately began to wobble, dropping below 5,000 on 27 March and then falling 20 per cent in a month.
Within just over two years it had fallen 80 per cent, and it took years to regain ground to even the half point, before being slapped back down when the financial crisis started taking hold in 2008.
While it was the Nasdaq that bore the brunt of the dotcom bust, most of the huge tech stocks that dominate now did not exist then.