Well, it took 15 years, but Nasdaq Composite Index finally closed back above the 5000 mark today. After the nearly 80% drop in the Index that began just about 15 years ago (March 10th 2000 to be exact, and took more than 2 years to play out), many believed that we may never see the 5000 level ever again. Yes, ever is a long time, but the unbelievable amount of overvaluation that existed at that moment 15 years ago, seemed an almost impossible bar to ever be cleared again. It took a while, but the pretenders are long gone, and those that endured have finally seen earnings justify their existence. Quite a day in market history, actually.
As for stocks in general, March began on a positive note with the Dow Jones Industrial Average up 155 points to close at 18,288. The S&P 500 was up 12 points to finish the day at 2117. Gold was down $7 to trade at $1205 per ounce, while oil was up $.04 to trade at $49.80 per barrel WTI.
On the economic front two different looks at manufacturing delivered two different outcomes, leading to more confusion as traders, and the Fed, continue to attempt to read the tea leaves of the economy. Of course on Friday we get the all-important non-farm payroll number, but before then we get a look at private payrolls on Wednesday with the ADP employment report and of course weekly jobless claims on Thursday. Let’s see if the bulls can continue the momentum into the Spring.
Have a nice evening everyone.