The Nasdaq composite index returned to territory it hasn’t seen since the heyday of the dot-com boom, crossing the 5,000 mark in early trading Monday. The index hit the mark nearly 15 years to the day since it surpassed the 5,000 mark on March 9, 2000.
We’ll note that the index didn’t have far to rise from Friday’s close of 4,963.53.
Explaining today’s gain, Walter Todd, chief investment officer for Greenwood, South Carolina-based Greenwood Capital, tells Bloomberg News:
“We got some decent data this morning and with numbers out of Europe better than expected and the Chinese central bank cutting rates over the weekend, it’s a combination of those things that have us moving higher.”
For some, the 5,000 mark prompts questions about how today’s tech market differs from that of 2000.
Just five years ago, the Nasdaq was hovering around the 2,300 mark.
At the height of the bubble, CNBC reminds us today, “it was more than just smoke and mirrors. It was madness. It was Pets.com and Webvan and $5 trillion of paper wealth just waiting to evaporate. When it rapidly vanished, scores of Silicon Valley office parks were left vacant almost overnight, glutting the market with pool tables, Aeron chairs and kegs of pale ale.”
Before you go out and rent a truck to carry away similar loot this time around, CNBC adds, “it’s taken more than three years for the index to double this time around versus a few months in the dot-com days.”
People from across the country are looking for ways to help families of the 10 people killed at a King Soopers in Boulder on March 22.
We've compiled a list of area groups that are collecting contributions in the aftermath of the shooting.
In July, we published this statement in recognition of the work we needed to begin at CPR to confront issues of diversity, equity and inclusion in our newsroom and organization as a whole.
We know this work is urgent, and we are dedicated to doing it thoroughly and connecting it with our vision and mission to reach all and serve everyone in Colorado.
Here is an update on our progress over the last eight months.
It takes a good day’s drive to cover Colorado, but we’ll help you do it in a few minutes each morning. The Lookout daily email brings you a closer look at the issues that affect you with a rundown of important fact-based reporting — with a side of Colorado flavor.