In what currently stands as one of the best rallies in years, the Nasdaq Composite rose back above the 5000 level for the first time since December 31st. Despite the fact that forward earnings expectations have collapsed amongst many publicly traded companies, more positive risk sentiment is circling the globe in a sign that concerns about Europe’s latest debt crisis and a British exit are fading. Technology led the way higher in stocks, with Amazon (AMZN:NASDAQ) overtaking the market capitalization of Warren Buffett’s Berkshire Hathaway (BRK.A/BRK.B:NYSE). However, the Nasdaq Composite did slip back below the key threshold, closing the cash equity session at 4988.64. Aside from the technology-heavy Nasdaq Composite, the S&P 500 closed at a new record high, rising 0.34% during the session to 2137.16 while the Dow Jones Industrial Average notched a 0.44% increase.
S&P 500 Hits New Record
Daily Analysis - 12/07/2016