More on The Naz.........Nasdaq Breaks 3,000 On Strong Chips
By Kristin Roberts
NEW YORK (Reuters) - The technology-led Nasdaq composite climbed to an all-time high in late morning trading Tuesday,
breaking through the 3,000-point level on the strength of computer chips and online financial stocks.
Analysts said they expect the market to waver around the milestone through the week as traders test 3,000 as a new support level.
But further out, the Nasdaq will likely rise on the back of upcoming economic news, they said.
``They're going to sustain this and take it higher,' said Arthur Hogan, chief market analyst at Jefferies & Co. ``They haven't even
scratched the surface.'
The Nasdaq composite climbed 33 points, or 1.17 percent, to strike 3,000 on light trading volume. About 410 million shares had
traded hands just ahead of midday, with advancing issues outpacing decliners by 1,890 to 1,375.
``It is really important for the Street that we get some type of closing rally, and this 3,000 becomes a support from here on out,'
said Charles Payne, head analyst at Wall Street Strategies, an independent market research firm.
``But I'd like to see more volume. We need those billion share days,' he said.
The Nasdaq market last hit a major milestone mark in July, closing above 2,700. The composite first hit 2,000 in July 1998 and
1,000 in July 1995. |
