Domestic stocks finished higher on Friday as the NASDAQ composite set another record. The NASDAQ closed at a record high for the second day in a row and Thursday the index recorded its first new high in over 15 years--something not seen since March of 2000.
Amazon, Google and Microsoft all saw gains on Friday following strong earnings reports Thursday night. Amazon led the bunch finishing up over 14% on Friday which was the largest daily percentage increase since April 27, 2012 and the biggest one-day dollar gain in its history. Shares of the online store are up 43% year-to-date.
Despite seeing similar numbers from just before the dot-com bubble of 2000, it appears that this record is being supported by solid earnings, unlike 15 years ago when the record was largely being supported by the internet euphoria.
Ethan Wade, Financial Advisor
(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).