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Nasdaq tops 15-year closing record

Thursday, April 23, 2015 - 01:35

The Nasdaq closed at an all-time high for the first time since March 2000, the height of the dot-com boom. Bobbi Rebell reports.

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The Nasdaq closing at a new all time high. The index, home to many top tech stocks, hasn't hit a record since March 10th of 2000. Today's close: 5056. Reuters U.S. markets editor David Gaffen: SOUNDBITE: DAVID GAFFEN, REUTERS U.S. MARKETS EDITOR, (ENGLISH) SAYING: "Finally, the Nasdaq has recovered all of those losses that it incurred after the tech bubble, when it dropped about 85 percent, and, so, it just kind of points to this long steady grind back after a period of time when this obviously speculative bubble that had built up 15 years ago. The balloon was popped, and all the air was let out of it." Helping the index return to lofty levels... Apple, which soared as it released the iPod, iPhone and iPad. The Nasdaq also getting a boost from biotech stocks like Gilead, social media companies like Facebook, and, of course, Google. Even with the strong run, Ross Gerber, CEO of Gerber Kawasaki, says there is room for more upside: SOUNDBITE: ROSS GERBER, CEO, GERBER KAWASAKI (ENGLISH) SAYING: "The rally is sustainable as long as rates don't spike upwards. So, what we have is an ideal environment for stocks right now, with earnings being relatively good and growing. The economy getting better. Rates still at zero and very low. It's a very good environment. So, all we are really watching is the ten-year treasury bond and the Fed, and, if these rates more up substantially, then we will have to reassess where we are at." Not to be forgotten - the S&P 500 also rallied on Thursday, setting a new intraday high for the broad based index.

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Nasdaq tops 15-year closing record

Thursday, April 23, 2015 - 01:35