Thread: Nasdaq tops 4,000 for 1st time in 13 years

Nasdaq briefly tops 4,000 for 1st time in 13 years

By CNNMoney Staff @CNNMoneyInvest November 25, 2013: 12:27 PM ET
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NEW YORK (CNNMoney)

The Nasdaq briefly topped 4,000 early Monday for the first time since September 2000, while the Dow and S&P 500 hit all-time highs once again.

Though it crossed a big milestone, the tech-heavy Nasdaq is still well below its peak of above 5,000, which was set in March 2000.


Stocks were mostly higher in afternoon trading despite a disappointing report. Pending home sales dropped 0.6% in October from the prior month. That was the fifth straight decline. Economists expected a 1.3% increase. The housing recovery has been a big boon for the stock market this year, so signs of weakness are worrisome.
Meanwhile, investors seemed encouraged by a landmark deal reached between Iran and the United States, the United Kingdom, France, Russia, China and Germany over the weekend.
As part of the agreement, world powers will relax economic sanctions against Iran in exchange for a promise that the country scales back its nuclear program. Oil pricessank on the expectation of more oil exports from Iran following the nuclear deal.
World markets also climbed on the news. European markets finished with solid gains, with Germany's benchmark Dax index leading the way. Most Asian markets ended higher, with Japan's Nikkei jumping 1.5% as the yen weakened against the dollar.
Related: Fear & Greed Index remains in Greed territory
Besides the Iran deal and pending home sales, there wasn't much other news moving markets. Trading volume is expected to be low during this holiday-shortened week and there are few economic and earnings reports on tap. U.S. markets will be closed Thursday for Thanksgiving and will shut at 1 p.m. ET on Friday.
In company news, Wal-Mart (WMT, Fortune 500) announced that current CEO of Wal-mart International Doug McMillon will replace CEO Mike Duke, who plans to retire early next year.
Apple (AAPL, Fortune 500) bought the Israeli tech company PrimeSense, a leading developer of 3D sensors. Apple's stock was up about 1%.
Social media stocks were trading lower, a sign that the hot sector may be losing momentum.
Shares of Yelp (YELP), which have more than tripled this year, were down almost 8%. Facebook (FB, Fortune 500) shares, which have more than doubled so far in 2013, slid 4%.
Twitter (TWTR), which just debuted on the stock market earlier this month, tumbled more than 5%. LinkedIn (LNKD), Groupon (GRPN) and Pandora (P) were also all down sharply. That put pressure on the Global X Social Media Index ETF (SOCL).
"Looks like social media bubble officially popping ... $SOCL, $FB, $LNKD, $TWTR, $P,$YELP Bearish," said StockTwits trader slowslimslider.
Another user, ACInvestorBlog, noted that the fall of some "bubble stocks" could mean that Netflix (NFLX) and Amazon (AMZN, Fortune 500) could be next to face pressure. Netflix has surged 275% this year, while Amazon is up almost 50%.
"Some bubble stocks falling from grace $FB $TWTR $YELP $TSLA, he said. "Watch$NFLX and $AMZN."
But some traders remained bullish on Facebook. One noted that Facebook's stock has enjoyed a sharp rally to its current level of around $45.
"$FB Keep in mind wasn't too long ago 26 was norm," IncrementalWealth said. "A 50% jump in a few months. Watching for lower as said all along then back in big again. Bullish."

http://money.cnn.com/2013/11/25/inve...stocks-markets

1. Stocks: Nasdaq closes above 4000 - USA Today
   
   www.usatoday.com/story/money/markets/2013/11/26/stocks.../3730315/
   
   1 min ago - The Nasdaq composite closes above 4000 for the first time in 13 years as good news on housing . . .