The Nasdaq is on fire and on the cusp of clinching the 11,000 milestone in what is set to become the fastest 1,000-point jump since the dot-com bubble, as tracked by the Dow Jones Market Data Group.
|I:COMP||NASDAQ COMPOSITE INDEX||13560.343401||-22.08||-0.16%|
The move, in just 39 days if it is secured Wednesday, will be the fastest ascent for the tech-heavy composite this year, following June’s advance which took 114 days.
The Nasdaq has seen its biggest members -- Apple, Microsoft and Amazon -- surge to fresh records, but some lesser-known players are also driving the gains, which are now over 21 percent so far this year.
“It is more than just Amazon, Microsoft and Apple; we’ve got Twilio, Datadog, Crowdstrike, Cloudflare,” said Joel Shulman, founder of EntrepreneurShares. “We’ve got over 25 entrepreneurial companies that have averaged over 97 percent year to date,” he noted, adding, “This is a broad-based move."
While 11,000 is a key psychological level, equity markets are viewed as forward-looking, with investors potentially putting the pandemic fears in the rearview mirror.
On Wednesday, Johnson and Johnson, Moderna and Novavax all reporting positive developments on the race for a coronavirus vaccine.