Friday, April 24 was a day when NASDAQ managed to rise itself from the hole that it had fallen 15 years ago during the 2000’s Internet bubble burst back. At around 2.29pm, 0.80% i.e. 40.44 points were added for rising to 5096.50. On the other hand, Dow Jones Industrial spiked to around 0.17% to 18088.98 while there was a 6.29 point increase in the S&P 500 to a tally of 2119.22.
NASDAQ spiked to 5100.371, the highest since its record of 5132.52 in the month of March 2000. After higher quarterly results were announced by Google Inc. (NASDAQ:GOOG), around 3.6% was added. On the other hand, 15% was gained by Amazon (NASDAQ:AMZN) to a lifetime high after it beat its revenue estimates.
There has been a 350% in NASDAQ since it has hit the rock bottom back in the month of October 2002 after around $6 trillion were eroded from American equity prices owing to the bubble burst.
There has been a complete revamp in the technology arena today as we can see that Apple Inc. (NASDAQ:AAPL), the most valuable company today wasn’t even seen in the top 30 list in the year 2000 and Facebook didn’t even exist that time.
Center Funds’ Chief Investment Officer, James Abate made a comparison of the recent NASDAQ composite record with that of the early 2000 and stated that “The difference today contrasting with back then is, you have a lot of mature companies like Microsoft, EMC and Intel that can be looked at as almost blue chip companies that pay relatively high dividends.”