Nasdaq Soars to New Heights: Tech Stocks Drive Highest Close Since 2021

By -

 The Nasdaq Composite stock index closed at its highest level in more than two years Friday, as the tech stock renaissance spans into 2024, nearly erasing 2022’s historically down year.

The Nasdaq ended Friday up 1.2% at 15,990.66, its top level since November 2021 and second-highest closing price ever.

The index, which tracks the roughly 3,000 companies listed on the tech-heavy Nasdaq stock exchange, is now just 0.4% shy of its 2021 peak.

The Nasdaq, up more than 8% in 2024 and over 50% dating back to the beginning of last year, has outperformed both the more sector-neutral S&P 500 and Dow Jones Industrial Average, the two other most widely tracked U.S. stock indexes.


Not to be outdone by the Nasdaq, the S&P 500 closed at a new record of over 5,000, while the Dow declined about 0.2% from its all-time high set Thursday.

Driving Friday’s gains for the Nasdaq were once again the trillion-dollar companies which account for roughly half of the market capitalization-weighted index, as shares of Amazon and Nvidia each gained more than 3%. The Nasdaq’s rally over the last 14 months has largely been thanks to the performance of the biggest tech stocks dubbed the “magnificent seven,” namely Nvidia (up almost 400% during the stretch) and Meta (up nearly 300%). Tech stocks’ rosy run came after the Nasdaq tallied its worst year since 2008 in 2022, owing to the dramatic rise in interest rates. Higher rates are typically a negative for all stocks as higher bond returns appear attractive, but tech stocks tend to be hit harder as the growth-focused sector heavily relies on debt financing to scale operations.



Comments

Post a Comment

Popular posts from this blog

Big Brother Fans Speculate on AJ Odudu's Mic Blunder Reaction to Trish's Eviction

By -
Image
 Big Brother viewers are convinced they picked up on AJ Odudu's real reaction to Trish's eviction during Friday night's live episode. Following Trish's exit, which left many viewers reeling after she was tipped as one of the favourites to win the show, fans speculated over AJ's one-word response. Many believe they caught AJ saying 'what?' after it was revealed that Trish would be the second evictee of the night, after Chanelle was booted from the house. They suggested that the Big Brother host was just as shocked as viewers that Trish was leaving the house just a week before the live final. After it was announced that Trish would be leaving, AJ's reaction was caught due to the close proximity of her microphone. One account, wrote: 'AJ Odudu saying 'what?!' accidentally down her mic into the house after Trish was evicted I… she really is one of us #BBUK.' Stunned: Following Trish's exit, which left many viewers reeling after she was t
Read more

Characters In BBC’s Documentary On TB Joshua Unknown To Us – Synagogue Church

By -
Image
  The Synagogue Church of all Nations (SCOAN) has countered the BBC documentary on the late Temitope Babatunde Joshua, known as TB Joshua, founder of SCOAN. SCOAN described the documentary against TB Joshua as unfounded, and that the characters interviewed in the report were unknown to the church. The church, in a statement signed by its Public Affairs Director, Mr Dare Adejumo, said the statement was aimed at disabusing public minds from the report. The News Agency of Nigeria (NAN) recalls that the BBC released a highly controversial and damning documentary on the late TB Joshua on Monday, accusing him of various crimes, including rape, against some members. SCOAN said, “BBC World Services investigative unit, code-named Africa Eye, came out this week with weird and strange episodes of atrocities against the late founder of SCOAN.” It said that to investigate and publish or broadcast reports was a central kernel of journalism, but to do so outside the ethics and fundamental principles
Read more

NBA Suspends Canada’s Joshua Primo For 4 Games For Exposing Himself To Women

By -
Image
  The NBA has suspended former San Antonio Spurs guard  Joshua Primo   for four games   ... after it says it found he exposed his private parts to multiple women. The league announced the ban on Friday morning ... saying an investigation into the free agent revealed he had "engaged in inappropriate and offensive behavior." NBA officials called his actions "conduct detrimental to the league." They did, however, note that they "did not find evidence that he engaged in any sexual or other misconduct apart from these brief exposures." "Primo maintains that his conduct was not intentional," the league said. Dr. Hillary Cauthen , Primo's former therapist, was the first to  bring the allegations  against Primo to light after she claimed last fall that he exposed himself to her on nine separate occasions. Dr. Cauthen's attorney,  Tony Buzbee , alleged the Spurs were aware of Primo's actions, but didn't take action. Cauthen went on to file
Read more