The Nasdaq broke 5000 today on a broad-based rally sparked by those irrepressible, highflying technology stocks. Who would have thought on Jan. 1 that 69 days into the new year, the market of the 21st Century would be sitting at more than half the level of the Dow Jones Industrial Average?
'Market of the 21st Century' - wrong continent perhaps ?"The Nasdaq 5000 is smacking people across the face and saying, 'I don't care if the Dow is down. There is money going into stocks and they're real stocks,"' says Ben Marsh, director of equity trading at Adams, Harkness & Hill. "The money will continue to go into these Nasdaq companies."
Yes, of course it will. And housing always goes up.Bond were largely unenthusiastic about the Treasury Department's first buyback of government debt since 1930...The government ultimately intends to repurchase $30 billion in Treasury bonds as part of its campaign to pay down the national debt.
Paying back national debt; bad idea - better to blow it on tax cuts to buy another sofa or Jaguar.Oil prices also firmed a bit this morning, after plunging about 8% yesterday, on hopes that the Organization of Petroleum Exporting Countries' members will agree to boost oil production when they meet March 27. Iran and Saudi Arabia signaled such willingness yesterday.
Iran is still 'playing ball'.On the economic front, the Labor Department reported this morning that initial jobless claims for the week ended March 4 rose by 5,000 to 280,000, largely as expected. But the less volatile four-week moving average fell to a 26-year low of 277,250 from 284,000, signaling a very tight labor market.
The market now celebrates 450,000...We've already had a lost decade.
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1'Nasdaq 5000! Tech Fever Ignites Broad Market Rally - Smart Money, WSJ Digital Network
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