Nasdaq Records Best Day in History as Technology and Financial Stocks Surge

Strategic Insights -

The Nasdaq composite index gained a record-high 96.05 points, or 4.2 percent, to close at 2,405.54, marking the best day in its history. The rally was fueled by advances in technology and financial stocks, with investors snapping up shares in companies such as IBM, Microsoft, and Intel. Despite concerns that the stocks may be over-valued, analysts expressed optimism, citing the sector's potential for continued growth.

Key Takeaways:

  • The Nasdaq composite index recorded its best day in history, gaining 96.05 points, or 4.2 percent, to close at 2,405.54.
  • Advances led declines by 17-12 in active trading of 798 million shares on the New York Stock Exchange.
  • Technology and Internet shares, including IBM, Microsoft, and Intel, posted significant gains, with CNET surging 38 3/16 to 129 1/2.
  • Financial shares, such as J.P. Morgan and Chase Manhattan, also contributed to the gains.
  • The 30-year Treasury bond closed unchanged, with its yield dropping to 5.36 percent from 5.37 percent on Wednesday.

Statistics:

  • Nasdaq composite index: 2,405.54 (close) / 96.05 points (gain)
  • Dow Jones industrial average: 9,363.46
  • Advances-to-declines ratio: 17-12
  • Trading volume: 798 million shares
  • 30-year Treasury bond yield: 5.36 percent

Sources:

  • (UPI) "Nasdaq Records Best Day in History," February 11
  • COMTEX (http://www.comtexnews.com)