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The Nasdaq Composite logs all-time high amount of record closes


(FinancialPress) — Friday was a historic day for the Nasdaq Composite, with the tech sector reaching new heights backed by Apple, Inc. (AAPL).

The technology-heavy index logged its 63rd record close of the current year. The previous record was reached all the way back in 1980 – with 62 record closes in the year. The previous top tally was matched by the Nasdaq on Oct. 31. The three main benchmark equity indexes closed at records in synchronicity for the 25th time in 2017 – tying the 1995-set record for a calendar-year trifecta.

And there’s almost an entire quarter left in the year, still.

Friday saw the Nasdaq leap on the heels of Apple‘s record close, after Q3 results that exceeded expectations. The Silicon Valley darling surged close to 3% and skirted just outside of a $900 billion valuation.

AAPL is a part of the Dow Jones Industrial Average. Being as big as it is, the company is also responsible for big moves in the S&P 500 index.

While a key player, Apple‘s boost was not the only one that helped the Nasdaq Composite reach its record-setting advance. Other overachievers as far as quarter results go include several other tech giants, such as Amazon (AMZN), Microsoft Corp (MSFT), and Google-owner Alphabet Inc (GOOG).

The Nasdaq leads the pack as far as performance among main equity gauges. It‘s risen almost 26% in 2017. Meanwhile, the S&P 500 has gained almost 16% and the Dow rose 19%, over the same timeframe.

Even being surrounded by records, market participants have their reasons for concern. The bull market heads into its ninth straight year and lofty valuations generate some unease, as the Fed tries to make the currently ultralow borrowing costs somewhat higher. This could become an opposing force for stocks moving forward.

President Donald Trump‘s pledges of tax cuts, deregulation and increased infrastructure spending, among other Wall Street-friendly policies, have had considerable weight in the recent market performance spike.

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