Home Business NASDAQ Sets New High in 15 Years

NASDAQ Sets New High in 15 Years

0

NASDAQ index has closed at a record high, surpassing a level it last reached in 2000 at the height of the dot-com bubble.

The tech-heavy index gained 20.89 points to close at 5,056.06, besting the high of 5,048.62 it hit on March 10, 2000.

The Dow Jones rose 20.42 points to 18,058.69 and the S&P 500 index gained 4.97 to 2,112.93.

While the S&P 500 and the Dow Jones have hit several records recently, the NASDAQ has taken longer to recover.

Some analysts think it can push on from the current level.


Photo AP

Photo AP

The rise of Apple has been an important part of the NASDAQ’s recovery. It launched the iPod in 2001 and the iPhone in 2007.

The success of those products helped its market value surge to more than $750 billion and accounts for around 10% of the index’s value.

Back in 2000, Microsoft was the most valuable stock on the index, now it is a distant second to Apple with a value of $365 billion.

Away from the NASDAQ, IBM shares were the biggest winner on the Dow, rising over 3% after it reported better-than-expected earnings on April 20.

However, GM fell 3% despite a big profits jump.

The company reported Q1 2015 profits eight times higher than a year ago.

GM had no need to set aside money for recalls this year and the company said it made $945 million.