Nevada News Reporter

March comes in like a lion; Nasdaq roars above 5000

March comes in like a lion; Nasdaq roars above 5000

The Nasdaq Composite capped its long march back to 5000 Monday, eclipsing the level for the first time since March 2000. The arduous, 15-year climb came on the heels of a 10-day winning streak that ended last week – Nasdaq’s longest since July 2009. The runup propelled the tech-heavy market index up more than 7% in February, its sixth-biggest monthly point gain ever.nasdaq-stock-market

With March arriving on Wall Street, the Nasdaq resumed its assault on one of the longest-standing market barometers yet to fall amid Wall Street’s six-year bull market. Jumping 38 points (0.7%), the Nasdaq crossed 5000 shortly before 10:30 a.m. ET before slipping. At 1:30 p.m., it’s hovering at 4985. The mark was eclipsed on a day when the broad market was also rallying. The Standard & Poors 500 is up 7 points (0.3%) to 2111, while the Dow Jones Industrial Average is up 107 points (0.6%) to 18,242.

The Nasdaq is still below its all-time record 5048.62 and intra-day high of 5131.52, both set March 10, 2000. But market watchers say the index is poised to spurt higher. Although Wall Street is likely in the late stages of one of its longest bull markets, the Nasdaq could power up to 5300 or even 5500 before the rally ends, Stack says. While the Dow, S&P 500 and other market indexes have long eclipsed prior records and continue to set new ones, Nasdaq’s road back has been long and arduous. It wasn’t until 2013 that the index closed above 4000 for the first time since September 2000.

The Nasdaq has already come back mightily from its October 2002, post-technology, bubble burst low of 1108, a market nadir reached after investors finally had there fill of dubious dot-com companies whose valuations were based more on fantasy concepts than actual earnings, revenue and other more traditional market valuations. Now, fueled by profit-growth and tech stalwarts such as Apple, Google and Microsoft, cable TV giant Comcast, coffee purveyor Starbucks, electric car maker Tesla, entertainment provider Netflix, social media giant Facebook and biotech giant Gilead Sciences – which just joined the ranks of dividend-paying companies, the Nasdaq is more about fundamentals and valuations than pipe-dreams.