Dow +180.10 at 18115.84, Nasdaq +68.07 at 5132.95, S&P +20.80 at 2121.24
Stocks began the day with sharp gains, lifting the Nasdaq to its first intraday record high since the height of the dot-com era in March of 2000. The Nazzy gained 68.07 points, or 1.3%, to close at 5132.95, its first record close since late May.
Around mid morning the Nasdaq touched an intraday high of 5143.32, lifting the index above its high of 5132.52 last seen on the eve of the dot-com crash on March 10, 2000. The climb was fueled in large part by gains in the biotechnology sector, which was behind much of the index’s growth in recent years. The Nasdaq Biotechnology Index rose 2.9% and is up 24% so far this year.
Where would the Nasdaq be if t wasn’t for biotech? The IBB has outperformed the SPX for four years running now. Interesting times for sure.
I’ve been talking about the resistance area on IBB for weeks now, roughly the 369 level. Not only did it break through that 369 level, but it managed to take out the spike high on March 20 (375) and closed the day with more all time highs. Impressive.
We had three stocks trigger today, BPMC, TBI & DPLO. ADRO & NDRM came close.
Nice to see the SPX break out of that downtrend line resistance with authority today.
A summer rally feels right.
See you in the morning.