The index rose 11 points, or 0.3%, to 4003 in early trading, outpacing more modest gains in the broader market. Investor sentiment was boosted after a weekend deal to curb Iran’s nuclear program, which weighed on oil prices.The Dow Jones Industrial Average rose 13 points, or 0.1%, to 16078, and reached another record intraday high of 16095.40 soon after the open. On Friday, the Dow rose 55 points, or 0.3%, to a sixth record high close in eight sessions. The Dow also posted a seventh-straight weekly gain, the longest such stretch since January 2011.The S&P 500 index gained two points, or 0.1%, to 1807. The S&P 500 closed above 1800 Friday for the first time to post its 37th record high close of the year.Stocks outside the tech sector have been the main driver’s behind the Nasdaq’s return to 4000 and its outperformance of the broader market. The index has climbed 33% this year, a full 10 percentage-point lead over the Dow industrials.
Health-care stocks, mostly drug makers, on the Nasdaq have shot up 54% this year. These stocks represent 14% in the Nasdaq, up from 6% in 1999.
The index’s return to 4000 is in key ways more significant than other recent market feats—such Dow Jones Industrial Average’s leap to 16000 or the S&P 500’s ascent to 1800—because of the blow it took following the dot-com bubble.
The well-established tech companies have huge amounts of cash on their balance sheets and are likely to increase dividends over time. All these factors should lead to increased jobs hiring in the engineering, scientific and technical recruiting areas that we place candidates including design engineer, electrical engineer, mechanical engineer, manufacturing engineer, process engineer, quality engineer, product developer, plant manager and IT jobs. So in general if are a scientist, engineer or technical job candidate, please contact us and we will be able to assist you.
