Tech Boom Drives NASDAQ Above 5,000

Stocks soared on higher than average volume trading today. While the Dow posted big numbers, the real star was the NASDAQ, which rose high on a tech boom. The Dow posted a gain of 157.54 points and closed the day at 17,646.70. The NASDAQ led the day in real gains, shooting up 2.27%, or 111.81 points, to close the trading day at 5,031.86. The S&P 500 also rose, adding 22.64 points and closing out the day at 2,075.15.

International markets were also up on the day. In Asia, Japan’s Nikkei added 398 points, while Hong Kong’s Hang Seng index shot up by 311 points. The story was the same across Europe, with every major exchange posting gains.
Germany’s DAX was up 311 points, London’s FTSE added 69 points, and France’s CAC gained 122. In Australia, the ASX was up by 89 points.

Tech Boom Drives NASDAQ Above 5,000

Tech was on fire in trading today. Positive earnings reports led the way for a tech boom. Companies like Microsoft (MSFT), Alphabet (GOOG), and Amazon (AMZN) were all up in the midst of bullish trading. Microsoft announced that Windows 10 was already installed on over 110 million devices worldwide, and excellent adoption rate for the brand new operating system. That announcement led to a surge in stock prices, up 10% on the day to close at $52.87 per share.

Alphabet, the company that now holds Google as a subsidiary, also got a shot in the arm from their earnings report. Even Facebook (FB), which has been struggling lately, topped $100 per share on positive earnings reports. In fact, industry-wide the sector posted some of the best earnings that we’ve seen this quarter.

Euro Falls to Two Month Low

The Euro briefly flirted with a 2-month low today, as the currency dropped to levels that we haven’t seen since August. Although there are a handful of reasons why the Euro is struggling, this latest round was likely caused by inflation across the Eurozone. Markets have been up lately, even in the face of a large refugee crisis and an ongoing problem with Greece and other debtor member states.

The value of the currency fell to just under $1.10 per Euro in mid-day trading, before settling back to just above the August low at the end of the day. The Euro has been struggling to find a position as of late, and the conditions on the ground in Europe have been changing for the worse. Although markets are rising, inflation is rising as well, and that’s spelled trouble for the currency.
Published on Oct 23, 2015
By Aaron Phillips
Aaron Phillips is a financial researcher and journalist based out of Michigan. He regularly writes the IG Daily and IG Weekly columns.

Copyrighted 2016. Content published with author's permission.

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