Nasdaq breaches 6000 mark for first time ever

This time around, stocks are running higher on the back of easing geopolitical risks, better-than-expected corporate earnings and the so-called Trump rally, fueled by hope of tax cuts, infrastructure spending and deregulation from President Donald Trump.

On a tear, the Nasdaq is up almost 12 percent this year and almost 23 percent over the past 12 months.That beats the Dow (6.3 percent in 2017 and 16.6 percent over 12 months) and the S&P 500 (6.7 percent and 4.2 percent). Over the past four quarters, 71 per cent of the companies had beaten estimates.

The Nasdaq hit the milestone 17 years after it reached 5000 during the dot-com era, in a broad rally Tuesday that was turbocharged by earnings from bellwether companies including Caterpillar Inc., McDonald's Corp. and biotechnology giant Biogen Inc. The Dow Jones Industrial Average jumped 0.9 per cent to 20,955.15, while broad-based S&P 500 advanced 0.4 per cent to 2,384.61. The total shares traded for the NASDAQ was over 1.92 billion. Tech stocks have become a way to bet on USA economic growth while reducing reliance on anticipated US policy changes like tax cuts, deregulation and infrastructure spending, many investors and analysts say.

Nine of the 11 major S&P 500 sectors were higher, with materials and financials in the lead.

More news: Trump has embraced autocratic leaders without hesitation

At the closing bell, the tech-rich Nasdaq Composite Index stood at 6,025.49, up 41.67 points (0.70 per cent).

The first quarter this year has featured good earnings news.

The index had a previous high 5916.77737 on 04/20/2017.

Elsewhere, investors were looking ahead to a possible announcement by Trump on Wednesday to outline his plans for tax reform such as cutting corporation tax by 15%. Shares of consumer, health-care and financial companies represent a growing share of the index.

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