Nasdaq briefly tops 4000 after 13 years

The technology heavy Nasdaq index, briefly topped 4000 for the first time in 13 years yesterday.

The index which closed up 2.92 points at 3,994.57, has risen over 32 per cent since 1 January.

It however, remains much below its all-time close of 5,048.62 in March 2000.

The index initially crossed that level for the first time at the end of 1999 and emerged as the symbol of the tech boom that some had thought would parallel the Industrial Revolution.

The index, however, fell below 4,000 four months later as investors grew weary of  unprofitable companies such as Pets.com.

The index is among the few major market indexes not at or near an all-time high.

The Los Angeles Times quoted Jack Ablin, chief investment officer of BMP Private Bank in Chicago as saying this showed how much of a bubble it was in 2000.

He added it was equivalent of the stock market crash of 1929.

However, the Nasdaq is one of the best-performing indexes in the market this year, up over 32 per cent since 1 January. It rose 2.92 points yesterday to close at 3,994.57.

Meanwhile, Dow industrials gained slightly yesterday to end at another record high, after the Nasdaq topped 4,000 briefly and slipped to close below that level.

Wal-Mart Stores Inc shares were up 0.8 per cent to close at $80.43, off an all-time intraday high of $80.57 on announcement of its next chief executive. The stock was among the best performers of Dow.

Energy stocks slipped after the deal to ease sanctions on oil producer Iran and the S&P energy sector index was down 0.8 per cent.

Social media shares fell in volatile trading.

Volume is expected to remain low this week, ahead of the US Thanksgiving holiday on Thursday.

Notable social media stocks were down, with Facebook breaking through a technical support level at $45.80. Facebook shares slipped 3.1 per cent to close at $44.82.