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https://www.forbes.com/sites/dereksaul/2024/05/14/nasdaq-closes-at-all-time-high-as-stock-market-rally-resumes/?sh=5acf7ca74978

Quote:Nasdaq Closes At All-Time High As Stock Market Rally Resumes

[/url]Derek Saul
Forbes Staff

Derek Saul has covered markets for the Forbes news team since 2021.
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May 14, 2024,04:15pm EDT




TOPLINE
 
It turns out April showers did bring May flowers for the stock market, as major indexes shook off April’s selloff and continued their upward trajectory Tuesday, with the tech-heavy Nasdaq Composite closing at its highest price ever.



Stocks have wiped out their April slide.
GETTY IMAGES

KEY FACTS
The Nasdaq’s 0.8% rise Tuesday sent it to an all-time high of 16,511, topping Apr. 11’s prior record of 16,442.

The benchmark S&P 500 (up 0.5% on Tuesday) and more narrowly focused Dow Jones Industrial Average (up 0.4%, or 140 points) closed just shy of their respective closing highs set March 28.

All three major indexes are up big in May, with the Nasdaq gaining 5.4%, the Dow rallying 4.6% and the S&P rising 4.2%.

Leading the May rally for the market capitalization-weighted Nasdaq and S&P were yet again massive technology companies, as each of the six trillion-dollar West Coast firms are up at least 5% so far this month, led by Apple stock’s 10% gain; roughly 7% gains for both of the top-weighted stocks on the share price-weighted Dow, UnitedHealth and Goldman Sachs, buoyed the Dow’s rally.

KEY BACKGROUND
April was the worst month for the Dow since September 2022 and the S&P’s and Nasdaq’s worst months since September 2023. That selloff came as concerns about the effects of lingering inflation and its potential to prop up interest rates for longer than expected, worries that are still very much prevalent ahead of Wednesday’s release of April inflation data. But investors exhibited renewed optimism about companies’ profit potential even in the face of a high-rate environment, with the batch of quarterly earnings coming in over the last few weeks revealing what would be the best quarterly profit growth since the second quarter of 2022, according to FactSet.

TANGENT
The broader market’s steamrolling coincided with meme stocks’ resurgence, as shares of 2021 meme stock darlings AMC and GameStop are up 135% and 179%, respectively, this week thanks mostly to social media ado.