Nasdaq ends more than 7,000 for 1st time, shows growing US economy
United States of America stocks started their new year on a strong note, with the Nasdaq closing more than 7,000 mark for the first which is driven mainly by the bullish technology firm. At the end, the technology rich industry Nasdaq Composite index that had increased 1.5 % to close the 1st session of the year at 7,006.90.
As per the information revealed by The Wall Street Journal, it jumped to 1,000 points in almost eight month, where an actual pace has not been seen since the height of the technology success.
In the previous year, Nasdaq which focused on technology index, and jumped 28 % against the Dow industrial average of 25 % as well as S&P 500 average of 19 % growth.
A biotech turned-blockchain organization called Riot Blockchain which was named as the biggest winner in the run-up to the latest milestone of Nasdaq composite, a source said that.
Nasdaq ends over 7,000 for first time with growing US economy
Large technology companies such as Microsoft, Apple, and Google Parent Alphabet have played a major role in it. The famous web portal, Fox business said it will capture the technology and consumer discretionary stocks.
According to the Wall Street Journal, in the 2017, earnings for technology firms have soared, but they have been not to keep up with the price increment.
Since last boom, the tech company and its importance in the wider economy have changed dramatically. While in the late 1990s, investors were strongly betting on the promise of the internet.
It is reported that, in today’s era with the popularity of the decade-old smartphone and improvement in areas such as artificial intelligence and cloud computing, technology is largely embedded into the way people do business and work and also transformed companies like retail & entertainment.