Nasdaq soars past 3,000 level
Wednesday 03 November 1999
The all-time high for the index is also a mark of the increasing technological fixation of US financial markets, symbolised belatedly by the introduction of two Nasdaq stocks (Microsoft and Intel) to the Dow Jones Industrial index this week. The weakness in the chip sector, caused partly by the lingering effects of the Taiwan earthquake, is dissipating and, despite some disappointing quarterly results, the sector is experiencing a recovery.
US financial markets staged an across the board rally, spurred by retreating concerns about interest rates. There is still concern that the US Federal Reserve will raise interest rates when it meets in two weeks time.
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