Nasdaq, after touching the 10,000-point milestone yesterday The composites set a new all-time intraday high of 10,028.61, according to Yahoo Finance.
In more common times this would be a moment of pomp, reflecting a prolonged increase in the techno-heavy index indicator of an industry’s growing power. Instead, it has been formally seen as a recession in the light of the national economy, a major recession above unemployment levels, with nearly 1,000 or so Americans dying of COVID-19 every day and the fact that the index’s recent The recovery rally itself came amid shocking unemployment claims.
Some warning signs have appeared around the edges of the recent rally – believed by retail investors – to be a recent analyst downgrade of tech stocks and some earnings cuts in the super-hot SaaS sector. But who cares, Tesla costs $ 1,005.38 this morning. And Nicola, a kinda-Tesla-competitor — is probably off 10% today, but still has $ 26 billion, despite not having revenue.
This public market is a silly season, in other words, and everyone is buying goods. Reaching Nasdaq 10,000 is meaningless, then; A random number that we humans as material lack for real imagination.
Perhaps at this point in time we will look back this week and note that this particular rally was another rally up the ladder. Or, like the Nasdaq 5,000 back in the dot-com boom, perhaps more of a high watermark today, showing us how high we flew before the wax began to melt and the sun felt a bit warm.
In related news, Varum, which increases yesterday’s gross margin by 5% and goes public tomorrow, is up 143% from its IPO price of $ 22 in two days’ trading.
Anyway, we have looked at the milestones of the Nasdaq. You are welcome.