US
stocks begin their new year on a strong note, with the Nasdaq closing
above 7,000 mark for the first time, driven mainly by the bullish
technology industry. At the closing, the technology-rich Nasdaq
Composite Index had jumped 1.5 per cent to end the first session of
the year at 7,006.90. According to The Wall Street Journal, it raced
to 1,000 points in just eight month – a pace not seen since the
height of the technology boom. Nasdaq, which mainly focusses on
technology index, jumped 28 per cent in 2017 as against the Dow
Industrial average of 25 per cent and S&P 500’s 19 per cent
rise, it said. Riot Blockchain, a biotech-turned-blockchain company
was the biggest winner in the run-up to the Nasdaq Composite’s
latest milestone, the daily said. Large tech companies such as Apple,
Google parent Alphabet and Microsoft have played a key role in it.
Fox Business attributed this to rallying technology and
consumer-discretionary stocks. According to the Wall Street Journal,
earnings for technology companies have soared in 2017, but they have
been unable to keep up with price gains. "The tech industry and
its importance in the wider economy have changed dramatically since
the last boom. In the late 1990s, investors were largely betting on
the promise of the internet," it said. "Today, with the
decade-old smartphone boom and advances in areas like cloud computing
and artificial intelligence, technology is deeply embedded into the
way people work and do business, and has transformed industries
including retail and entertainment," the daily reported. Ryan
Detrick, a senior market strategist at LPL Financial, said a good
start to the year is usually followed by strong yearly performance.
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