High Tech Stocks Ride to the Rescue
Table 1 below shows several of the key metrics for four major U.S. and Canadian stock market indices. In August, two of the four indices managed to soar to new all-time highs, the S&P 500 and NASDAQ. Furthermore, they reached those summits during trading on the final day of the month, indicating that further upward movement might be expected in early September at least.
As of closing on August 31, the DJI was -3.9% compared with its all-time peak, which isn’t much of a gap. The Toronto stock exchange was a little further behind relative to its record high achieved on February 20, 2020, -8.1%.
The most astonishing number in Table 1 is NASDAQ’s climb of nearly +50% compared with August 30th of a year ago. Second best for year-over-year increase was the S&P 500, at a jump of about one-fifth (+19.6%). But a one-fifth gain, while impressive on its own, falls considerably short of a one-half gain. NASDAQ has truly been a phenomenon.
