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Tuesday, April 25, 2017

Nasdaq 6,000: Tech Leaders (GOOG, FB, NFLX, AMZN) at New All-Time Highs

The Nasdaq Composite (COMPQX, IXIC) topped 6,000 today, a record high for the tech-heavy index. 

Here is an updated monthly chart (click below) of the Nasdaq from 1999 - 2017. You'll note that the prior dot com bubble peak of 5,132 in March 2000 was not topped until mid-2015. With this latest surge, the Nasdaq jumped over the 6k mark for the first time ever.

Nasdaq Composite Nasdaq 6000 6k stocks tech chart


Joining the Nasdaq at new all-time highs are many of the most actively traded US tech stocks. 

Leading tech names such as Amazon (AMZN), Apple (APPL), Facebook (FB), Netflix (NFLX), Microsoft (MSFT), and Google (GOOG, GOOGL) are trading at, or very near, their all-time highs. See the Finviz charts below.



Also joining the new highs parade are Tesla (TSLA), a tech company in the guise of a car manufacturer, payments processor Square (SQ), Pepsi (PEP), and omnipresent burger joint, McDonald's (MCD). 

So we are seeing a bullish resumption of the upward trend in US stocks. The new highs in leading tech stocks and even some big cap consumer names, like McDonald's and Pepsi, are supportive of a healthy, broader uptrend in the stock market. 

While many stocks are still languishing well below their highs or are busy playing catch up, these latest moves higher in tech and chip stocks are a positive sign for the market going forward.

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