The NASDAQ closed at new record highs on Monday, led by strength in tech giants including Apple (AAPL), Amazon (AMZN) and Netflix (NFLX).
The NASDAQ gained by over 28% in 2017 and has surged a further 16% so far this year. “FAANG” stocks (Facebook, Apple, Amazon, Netflix and Google parent Alphabet) were among largest drivers of growth. In early August, Apple became the first publicly traded U.S. company with a market cap of over $1 trillion. Amazon had also been a contender in the race to $1 trillion, surpassing $900 billion in market value in July.
Looking at the NASDAQ 100 chart above we can see the strong recent uptrend that began in March 2018. Robust earnings reports in the tech sector have underpinned the recent push higher.
The current bull market is arguably the longest in Wall Street history, beginning almost 10 years ago in March 2009. The S&P 500 index passed a historic landmark by going 3,453 days without a major correction. The prior record bull run began in 1990, lasting almost a decade until the dotcom bubble burst.
The markets were buoyed on Monday by the announcement of president Trump’s new US-Mexico trade deal, leading the S&P 500 Index and Russell 2000 to also close in record territory.