Nasdaq Composite and S&P 500 near record highs
On Friday, the Nasdaq Composite Index was just 7 points away from its all-time high, last seen in March 2000. Nasdaq Composite closed at 5,026, gaining nearly 0.7 percent as many stocks touched 52-week high, pushing the broader market higher. S&P 500 Index ended 0.9 percent higher at 2,108.
Nasdaq was supported by Biogen Idec, Intel Corporation, Broadcom, TripAdvisor. Biotechnology company Biogen touched yearly high as the company announced positive outcomes for its experimental Alzheimer’s drug. Facebook stock touched all-time high of $84.50. KB Home stock jumped over 8 percent after the company announced better results compared to analyst expectations. Darden Restaurants reported 7 percent increase in sales. The stock jumped during the trading session.
Dow Jones Industrial Average is also just 100 points away from its all-time high. Market analysts are confident about the economic recovery in the United States. With strong labor market and strong consumer sentiment, the economy is expected to rise even in the coming months.
Stock specific action was noticed on Friday. Nike also announced better-than-expected results. Nike stock jumped by 4.3 percent during the session. Tiffany suffered major blow in the stock markets as the company revised its future guidance and reported lower revenue.
Federal Reserve policy was among the major events for the week and traders were cautious before the policy was announced. Market experts do not rule out a rate hike in June this year.
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