Nevada News Reporter

March comes in like a Wall Street lion

March comes in like a Wall Street lion

The Nasdaq composite capped its long march back to 5000 on Monday, eclipsing, then closing above the long-hallowed mark for the first time since March 2000. The arduous climb came on the heels of a 10-day winning streak that ended last week, Nasdaq’s longest since July 2009. That helped fuel the technology-heavy market index to a 7% gain in February, the sixth-largest monthly climb since its 1971 launch.nasdaq-stock-market

As March greeted stock traders and investors, the Nasdaq resumed its assault on one of the longest-standing market barometers yet to fall amid Wall Street’s six-year bull market. The Nasdaq spurted above 5000 shortly after trading began, clinging to gains before closing up 44.57 points (0.9%) to 5008.10, just off the day’s highs. The hype surrounding Nasdaq 5000 overshadowed the day’s broader market action. A quieter but powerful rally propelled the Standard & Poor’s 500 up 12.89 points (0.6%) to 2117.39, the Dow Jones industrial average up 155.93 points (0.9%) to 18,288.63 and the small-cap Russell 2000 up 9.3 points (0.8%) to 1242.62 — all record closing highs.

The Nasdaq remains below its all-time record of 5048.62 and intra-day high of 5131.52, both set March 10, 2000. Market watchers say the index is poised to climb higher. “We’re certainly not in bubble territory,” says James Stack, head of Whitefish, Mt.,-based Stack Financial Management and editor of market newsletter Investech Research.

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.