Red-hot Nasdaq notches longest record streak since dotcom bubble of 1999

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So much for President Trump being bad for tech stocks. The Nasdaq is in the midst of its biggest string of records since the dotcom bubble.

The tech-friendly index has zoomed to six consecutive record highs through Tuesday, the longest such streak since December 1999, symbolized by the Pets.com sock puppet.

The Nasdaq is on track to push its white-hot wins to a seventh consecutive banner day on Wednesday.

It’s part of a broader surge on Wall Street as the Dow and S&P 500 have also climbed to levels never seen before. And CNNMoney’s Fear & Greed Index is now flashing “extreme greed.”

But the Nasdaq boom is especially impressive considering the post-election fears that Silicon Valley would struggle under Trump. Many investors initially fretted that Trump’s tough stances on immigration and trade would disrupt the tech industry’s success.

Instead, big gains in tech stocks like Apple and Facebook are helping lead Wall Street’s record-setting trajectory. The Nasdaq is already up 7.6% this year, outpacing the index’s entire 2016 gain of 7.5%.

This year’s pop has allowed the Nasdaq to catch up to the Dow’s post-election surge. Both are now up about 12% since November 8.

Source: CNN

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