NASDAQ Breaks 6,000 Mark Tuesday April 25, 2017

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The NASDAQ Composite topped the 6,000 mark in Tuesday morning April 25, 2017. The new record trading record occurred with strong earnings reports and relief on Wall Street that France seems likely to elect a moderate president that will stay in the European Union.

The tech-heavy NASDAQ’s 0.5 percent rise in early trading is part of a broad market rally that has pushed up stocks for the Dow Jones industrial average and the Standard & Poor’s index as well. Fueling the Nasdaq’s rise were moves by tech giant Apple (APPL), which advanced 0.5 percent, and biotech company Biogen (BIIB), up almost 5 percent. Biogen reported solid earnings for 2017’s first quarter, with the help of a new drug that combats a rare infant disease.

NASDAQ is up 11 percent this year and 22 percent over the past 12 months, beating the Dow (5 percent in 2017 and 15.5 percent over 12 months) and the S&P 500 (almost 6 percent in 2017 and 14 percent over 12 months).

The Nasdaq’s initial surge in the late 1990s was a bubble, fueled by the dot-com boom and bust, which occurred in early 2000. The NASDAQ 5,049 in March 2000 and fell below 2000.

The first quarter this year has featured good earnings news, which helped the NASDAQ. The tech market is now more mature and steady.

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And markets were relieved that the centrist presidential candidate in France, Emmanuel Macron, appeared the favorite over right wing firebrand Marine Le Pen for that nation’s May 7, 2017 presidential election election. Investors were worried that conservative Le Pen would pull France out of the European Union. Emmanuel Macron won the most votes in Sunday’s first election.

Expectations in the U.S. of big tax cuts under President Donald Trump, and optimism over his business-friendly administration is helping the Nasdaq and stocks in general. The Nasdaq has shown the steadiest performance of all indexes.

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