In a first, Nasdaq closed above 11,000. In the process, it broke its all-time high but it will certainly not have a huge impact on the cryptocurrency market. It has been learnt that the main reason behind the massive leap is the improvement in unemployment data.
Tech stocks have also played a key role in the growth, which includes Facebook, Amazon, Apple, Netflix, Microsoft, and Google (FAANMG). Following the rise, a few of the tech giants have now been rated at above $7 trillion, greater than the combined total market capitalization of the financial, energy, industrial, and material sectors.
Incidentally, gold might also follow the suit to reach the all-time high. However, there has been a mixed signal about the same.
“Yes, technology is probably extended in the near-term, but when you look at how strong earnings and guidance have been from the group, you realize there’s a reason the Nasdaq is at 11,000 and why eventual continued strength is quite likely,” Ryan Detrick, chief investment strategist for LPL Financial said.