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History was made on Wednesday as the NASDAQ Composite finished above 10,000 for the first time in history. The surge not only wiped out YTD losses, but pushed the predominantly tech-based index to new heights.
The rally comes after a series of fresh record closing highs for the index. A finish at or above 10,000 represents the fastest 1,000-point milestone for the Nasdaq.
US President Donald Trump welcomed the news on Twitter.
NASDAQ HITS ALL-TIME HIGH. Tremendous progress being made, way ahead of schedule. USA!
— Donald J. Trump (@realDonaldTrump) June 10, 2020
With the US election fast looming, the strong performance of the Nasdaq composite will be a key message in Donald Trump’s re-election campaign. Trump’s administration has also been keen to highlight the strong recovery of the other major US indices in recent months with the S&P 500 and the Dow Jones down just 0.53% and 1.04% YTD respectively, despite the ongoing pandemic.
Trump’s opposition, however, has been quick to argue the indices are not representative of the health of the wider US economy.
Bill Clinton’s former Secretary of Labor from 1993 to 1997 and professor of Economics at UC Berkley, Robert Reich commented:
42 million Americans have lost their jobs in the pandemic.
Meanwhile, NASDAQ just hit an all time high.
If that doesn’t convince you that the stock market is not a reflection of the economy, I don’t know what will.
— Robert Reich (@RBReich) June 10, 2020
The Nasdaq Stock Market, also known as Nasdaq or NASDAQ, is an American stock exchange located in New York City. The stock market is ranked second of stock exchanges by market capitalization of shares traded, behind only the New York Stock Exchange (NYSE).
The Nasdaq lists most big name US tech companies including Amazon (AMZN), Alphabet (GOOGL) and Apple (AAPL).
This is positive news for deVere clients holding structured products containing the Nasdaq. Secondary market values of structured notes containing the Nasdaq will see increases. With quarterly income notes also benefiting with the index currently sitting above any previous strike levels.
Written by, Ciaran McDiamond
Associate Wealth Consultant & Technical Content Writer