NASDAQ Achieves New Intraday Record, Surpassing '21 Mark.
March 01,2024 04:26 pm EST
The NASDAQ Composite rose to an all-time high Friday, surpassing its 2021 record, as investors bet that megacap technology stocks were
the best way to play slowing inflation and a coming artificial intelligence boom.
The Dow Jones Industrials hiked 95.09 points to end Friday at 39,091.48.
The S&P 500 surged 40.82 points to 5,137.09.
The NASDAQ spiked 183.02 points, or 1.1%, to 16,274.94.
Chipmaking giant Nvidia, which has led the tech rally by surging 260% over the last 12 months, was up another 3.5% Friday.
Meta also jumped more than 2% for the day.
The tech-heavy index was the last of the major U.S. stock benchmarks to reach a record close this year — when it achieved the milestone Thursday. This move has been fueled by enthusiasm over artificial intelligence, which has lifted mega-cap tech stocks – and the broader market – through 2023 and into this year. Slowing inflation, and the Federal Reserve's ensuing pivot toward rate cuts forecasted for later in 2024, have also contributed the NASDAQ's recovery from a difficult 2022.
On a weekly basis, the NASDAQ is up 1.7%, while the S&P 500, which also popped to a record close on Thursday, is tracking for a roughly 1% advance. This puts the two indexes on pace for their seventh positive week over the last eight. The 30-stock Dow is the laggard, down 0.1%.
Stocks gained even as troubled regional bank New York Community Bancorp declined 24% after the lender announced a leadership change and disclosed issues with its internal controls. The bank is already down more than 63% in 2024 with some investors concerned it is a sign of a wider real estate shakeout ahead.
Troubled regional bank New York Community Bancorp declined 24% after the lender announced a leadership change and disclosed issues with its internal controls. The bank is already down more than 63% in 2024.
Data released Thursday showed the personal consumption expenditures price index excluding food and energy, the Federal Reserve's preferred gauge, rose 0.4% in January, in line with expectations.
Prices for the 10-year Treasury inched forward, lowering yields to 4.18% from Thursday's 4.24%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.51 to $79.77 U.S. a barrel.
Gold prices surged $38.80 to $2,093.50.
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