The world’s leading technology index, Nasdaq has closed above 5000 today for the first time since year 2000 dot-com bubble as tech stocks were boosted by deals, while the S&P 500 and Dow Jones indeces also hit record highs after economic data pointed to a slow but steadily growing economy in the USA.
After lumbering around around much of the day, the Nasdaq Composite Index (.IXIC) surged in late afternoon to finish above 5000, marking the third time the index ended above 5000. The last time was March 10, 2000. Nasdaq’s biggest driver was Google, with support from chipmakers NXP Semiconductors NV and Intel Corp, as well as network equipment maker Cisco Systems after news of two big deals. Continue reading Nasdaq 5000 is here again!
Santa Claus rally is here! The happy face of this NYSE Trader says it all. After rising 109 points, the Dow Jones Industrial Average (DJIA) closed 64.73 points up at 18,024 with Chevron leading the gains that extended to 25 of 30 components. The S&P 500 Index (SPX) also made a record high closing at 2082. Healthcare (pharma, biotech) stocks were the only sector in red on this top closing day, probably as investors moved away from defensive positions back into beaten down energy and industrial stocks, based on the Q3 US GDP growth numbers. Tuesday’s economic reports had the U.S. economy soaring by 5 percent in the third quarter, the most rapid pace in the last 11 years, since the same period of 2003. Read More >>
The NASDAQ ETF (QQQ) is the best Long Term Investment till the Year 2050. We are in the technology century and the Nasdaq will continue to move ahead, with frequent changes in its components, which most investors can’t keep pace with, and don’t need to. Let the NASDAQ index managers do the work, and hold the NASDAQ ETF (QQQ) for the long term and make sure to buy on large corrections like the one we saw in year 2008. Technology companies will continue to create wealth for investors and will maintaining good valuations despite occasional glitches. We could see this ETF going to $1000 per share from its current $100 per share in the coming 15-20 years. So if you see this ETF at $50-65 level during any major market correction, just buy and hold. The ETF offers a safe long term investment.