Aomori Group – Nasdaq Breaches 3,000.
Aomori Group: The Nasdaq Composite Index broke the 3,000 barrier for the first time since the Dot-Com crash of 2000.
The Nasdaq closed above the psychological 3,000 barrier on Tuesday, the first time it has been above that mark in 12 years, when it went into free fall from its 5,000 high watermark as a result of the Dot-Com bubble bursting. This time though, analysts at Aomori Group see this growth based on firm corporate performance in a recovering economy.
The technology heavy index has been toying with the 3,000 mark over the last few weeks, but closed well above it on Tuesday, up more than 56 points to close at 3039.88. The Nasdaq is up almost 17 percent so far this year, easily outpacing the other two main Wall Street indices, with the Dow Jones up 8 percent and the S&P 500 up 11 percent. Aomori Group has seen both the Dow and the S&P regain all of the losses as a result of the Lehman collapse and the onset of the financial crisis.
The gains in the equity markets over the last few months have been the result of improving economic figures and solid corporate results, with the Commerce Department in the US reporting that February’s retail sales were the highest since September.
“The economic data that has been coming out has infused the market with confidence and has given a very strong signal that the recovery is well on track” said one senior economist at Aomori Group.
Processing your request, Please wait....
