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- The Nasdaq composite hit 10,000 for the first time ever on Tuesday.
- The tech-heavy index’s rally was led by Apple and Amazon, which both hit all-time highs Tuesday.
- Both the S&P 500 and the Dow Jones industrial average slumped at the same time.
- Watch the Nasdaq trade live on Markets Insider.
- Read more on Business Insider.
The Nasdaq composite index briefly traded above 10,000 for the first time ever Tuesday before slightly paring some gains as tech stocks continue to rally as investors bet on their strength amid the economic reopening.
The tech-heavy index rose as much as 0.7% to an all-time intraday high of 10,002.50, a key level for the index. This year, the Nasdaq has led the major US indexes in recovering from the coronavirus-induced market meltdown – it was the first to erase losses year-to-date, and the first to surpass its February high.
A number of big tech companies hit all-time highs Tuesday, fueling the Nasdaq’s record gains. Shares of Apple surged nearly 4% to a record high on reports that the company will use its own processors in its Mac computers. Amazon shares also gained nearly 3% Tuesday to an all-time high.
A slew of other big-name tech stocks also outperformed Tuesday. Facebook jumped nearly 3%, while Netflix rose 2.4%. Chipmaker Advanced Micro Devices surged 5.7%, and Nvidia gained nearly 3% at intraday highs.
The S&P 500 index and the Dow Jones industrial average both slumped on Tuesday, falling 1.2% and 1.5%, respectively, at intraday lows. On Monday, the S&P 500 also erased its 2020 losses.
The Nasdaq is up nearly 11% year-to-date.
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