Blistering Nasdaq Momentum Is Approaching Dot-Com Escape Speed
- Tech-heavy Nasdaq 100 rises to record high versus the S&P 500
- Megacap benchmark up 19% in 2020 despite Covid-19, recession
It’s one thing for stocks to bounce violently after losing a quarter of their value in a month, as they did in March. It’s another thing entirely to keep doing it after soaring back to record highs. And yet that is what’s happening with the biggest U.S. tech shares, which just notched one of their best weeks of the recovery period.
In a year of hysterical markets, no fact is weirder than this: that halfway through 2020, the Nasdaq 100 Index is not only back in positive territory, but is headed for an annual gain that ranks with its best of the last two decades. Much more than survive the pandemic lockdown, the largest American companies are seeing their advantage widen drastically as a result of it, with investors flocking to anything with size and stability.